CIT v. PK Kaimal

Sundaram Finance Limited, Chennai vs. Addl. CIT, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

…the amalgamating companies of Rs.5,71,47,000/- is not taxable in their hands as successor u/s.41(4) which is the charging section. 4.1 The Commissioner of Income Tax (Appeals) erred in distinguishing the decision of the Madras High Court in PK Kaimal's case (123 ITR 755) whereas the decision is squarely applicable to the facts of the case. 4.2 The Commissioner of Income Tax (Appeals) erred in observing that the bad debts recovery would either be taxable as other income under section 56 of the Income Tax Act or taxable under section 176(3A) as income of discontinued business. Additional Grounds of Appeal: 1. The…

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

…the amalgamating companies of Rs.5,71,47,000/- is not taxable in their hands as successor u/s.41(4) which is the charging section. 4.1 The Commissioner of Income Tax (Appeals) erred in distinguishing the decision of the Madras High Court in PK Kaimal's case (123 ITR 755) whereas the decision is squarely applicable to the facts of the case. 4.2 The Commissioner of Income Tax (Appeals) erred in observing that the bad debts recovery would either be taxable as other income under section 56 of the Income Tax Act or taxable under section 176(3A) as income of discontinued business. Additional Grounds of Appeal: 1. The…

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

…the amalgamating companies of Rs.5,71,47,000/- is not taxable in their hands as successor u/s.41(4) which is the charging section. 4.1 The Commissioner of Income Tax (Appeals) erred in distinguishing the decision of the Madras High Court in PK Kaimal's case (123 ITR 755) whereas the decision is squarely applicable to the facts of the case. 4.2 The Commissioner of Income Tax (Appeals) erred in observing that the bad debts recovery would either be taxable as other income under section 56 of the Income Tax Act or taxable under section 176(3A) as income of discontinued business. Additional Grounds of Appeal: 1. The…

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

…the amalgamating companies of Rs.5,71,47,000/- is not taxable in their hands as successor u/s.41(4) which is the charging section. 4.1 The Commissioner of Income Tax (Appeals) erred in distinguishing the decision of the Madras High Court in PK Kaimal's case (123 ITR 755) whereas the decision is squarely applicable to the facts of the case. 4.2 The Commissioner of Income Tax (Appeals) erred in observing that the bad debts recovery would either be taxable as other income under section 56 of the Income Tax Act or taxable under section 176(3A) as income of discontinued business. Additional Grounds of Appeal: 1. The…

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

…the amalgamating companies of Rs.5,71,47,000/- is not taxable in their hands as successor u/s.41(4) which is the charging section. 4.1 The Commissioner of Income Tax (Appeals) erred in distinguishing the decision of the Madras High Court in PK Kaimal's case (123 ITR 755) whereas the decision is squarely applicable to the facts of the case. 4.2 The Commissioner of Income Tax (Appeals) erred in observing that the bad debts recovery would either be taxable as other income under section 56 of the Income Tax Act or taxable under section 176(3A) as income of discontinued business. Additional Grounds of Appeal: 1. The…

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

…the amalgamating companies of Rs.5,71,47,000/- is not taxable in their hands as successor u/s.41(4) which is the charging section. 4.1 The Commissioner of Income Tax (Appeals) erred in distinguishing the decision of the Madras High Court in PK Kaimal's case (123 ITR 755) whereas the decision is squarely applicable to the facts of the case. 4.2 The Commissioner of Income Tax (Appeals) erred in observing that the bad debts recovery would either be taxable as other income under section 56 of the Income Tax Act or taxable under section 176(3A) as income of discontinued business. Additional Grounds of Appeal: 1. The…

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

…the amalgamating companies of Rs.5,71,47,000/- is not taxable in their hands as successor u/s.41(4) which is the charging section. 4.1 The Commissioner of Income Tax (Appeals) erred in distinguishing the decision of the Madras High Court in PK Kaimal's case (123 ITR 755) whereas the decision is squarely applicable to the facts of the case. 4.2 The Commissioner of Income Tax (Appeals) erred in observing that the bad debts recovery would either be taxable as other income under section 56 of the Income Tax Act or taxable under section 176(3A) as income of discontinued business. Additional Grounds of Appeal: 1. The…

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Appeals of the revenue stand partly allowed for statistical purposes

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकर अपील सं./ Ita Nos.74/Chny/2015 (िनधाEरण वषE / Assessment Years: 2006-07) & आयकर अपील सं./ Ita Nos.75/Chny/2015 (िनधाEरण वषE / Assessment Years: 2007-08) & आयकर अपील सं./ Ita Nos.76/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita Nos.77/Chny/2015 (िनधाEरण वषE / Assessment Years: 2009-10) & आयकर अपील सं./ Ita Nos.78/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) M/S. Sundaram Finance Ltd. Acit बनाम/ 21 Patullos Road Large Taxpayer Unit, Vs. Chennai – 600 002. Chennai. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) & आयकर अपील सं./ Ita Nos.287 & 288/Chny/2015 (िनधाEरण वषE / Assessment Year: 2006-07) & आयकर अपील सं./ Ita Nos.289 & 290/Chny/2015 (िनधाEरण वषE / Assessment Year: 2007-08) & आयकर अपील सं./ Ita No.291/Chny/2015 (िनधाEरण वषE / Assessment Years: 2008-09) & आयकर अपील सं./ Ita No.292/Chny/2015 (िनधाEरण वषE / Assessment Year: 2009-10) & आयकर अपील सं./ Ita No.293/Chny/2015 (िनधाEरण वषE / Assessment Years: 2010-11) Acit M/S. Sundaram Finance Ltd., बनाम/ Large Taxpayer Unit, 21 Patullos Road Vs. Chennai. Chennai – 600002. "थायी लेखा सं./जीआइ आर सं./Pan/Gir No. Aaacs-4944-A (अपीलाथ"/Appellant) : (""थ" / Respondent) अपीलाथ" की ओरसे/ Appellant By : Shri R. Vijayaraghavan (Advocate)-Ld. Ar ""थ" की ओरसे/Respondent By : Shri Kumar Ajeet- Ld. Cit-Dr

…the amalgamating companies of Rs.5,71,47,000/- is not taxable in their hands as successor u/s.41(4) which is the charging section. 4.1 The Commissioner of Income Tax (Appeals) erred in distinguishing the decision of the Madras High Court in PK Kaimal's case (123 ITR 755) whereas the decision is squarely applicable to the facts of the case. 4.2 The Commissioner of Income Tax (Appeals) erred in observing that the bad debts recovery would either be taxable as other income under section 56 of the Income Tax Act or taxable under section 176(3A) as income of discontinued business. Additional Grounds of Appeal: 1. The…

Sundaram Finance Limited, Chennai vs. Addl. CIT, Chennai

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.72/Chny/2015 ("नधा"रण वष" / Assessment Years: 2004-05) Vs The Joint Commissioner Of Income M/S. Sundaram Finance Ltd., No.21, Pattulos Road, Tax, Chennai – 600 002. Company Range Vi Chennai - 34. Pan: Aaacs 4944A (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./I.T.A.No.73/Chny/2015 ("नधा"रण वष" / Assessment Years: 2005-06) Vs The Addl. Commissioner Of Income M/S. Sundaram Finance Ltd., No.21, Pattulos Road, Tax, Chennai – 600 002. Company Range Vi Chennai - 34. Pan: Aaacs 4944A (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./I.T.A.Nos. 285 & 286/Chny/2015 ("नधा"रण वष" / Assessment Years: 2004-05 & 2005-06) Vs M/S. Sundaram Finance Ltd., The Acit, Ltu-1, No.21, Pattulos Road, Chennai-34. Chennai – 600 002. Pan: Aaacs 4944A (अपीलाथ"/Appellant) (""यथ"/Respondent)

…s 41 (1). For taxing recovery of bad debts U/s 41 (4), the identity of the assessee should be same who originally claimed the deduction for bad debts written off and it relied on the decision of the Hon'ble Madras High Court in the case of CIT v. P.K. Kaimal (123 ITR 755). The AO distinguished the above case-law and also referred to application of s.176(3A) which states that "Where any business is discontinued in any year, any sum received after the discontinuance shall be deemed to be the income of the recipient and charged to tax accordingly in the sum been received before such discontinuance. The AO stated th…

Sundaram Finance Limited, Chennai vs. Addl. CIT, Chennai

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.72/Chny/2015 ("नधा"रण वष" / Assessment Years: 2004-05) Vs The Joint Commissioner Of Income M/S. Sundaram Finance Ltd., No.21, Pattulos Road, Tax, Chennai – 600 002. Company Range Vi Chennai - 34. Pan: Aaacs 4944A (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./I.T.A.No.73/Chny/2015 ("नधा"रण वष" / Assessment Years: 2005-06) Vs The Addl. Commissioner Of Income M/S. Sundaram Finance Ltd., No.21, Pattulos Road, Tax, Chennai – 600 002. Company Range Vi Chennai - 34. Pan: Aaacs 4944A (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./I.T.A.Nos. 285 & 286/Chny/2015 ("नधा"रण वष" / Assessment Years: 2004-05 & 2005-06) Vs M/S. Sundaram Finance Ltd., The Acit, Ltu-1, No.21, Pattulos Road, Chennai-34. Chennai – 600 002. Pan: Aaacs 4944A (अपीलाथ"/Appellant) (""यथ"/Respondent)

…s 41 (1). For taxing recovery of bad debts U/s 41 (4), the identity of the assessee should be same who originally claimed the deduction for bad debts written off and it relied on the decision of the Hon'ble Madras High Court in the case of CIT v. P.K. Kaimal (123 ITR 755). The AO distinguished the above case-law and also referred to application of s.176(3A) which states that "Where any business is discontinued in any year, any sum received after the discontinuance shall be deemed to be the income of the recipient and charged to tax accordingly in the sum been received before such discontinuance. The AO stated th…

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.72/Chny/2015 ("नधा"रण वष" / Assessment Years: 2004-05) Vs The Joint Commissioner Of Income M/S. Sundaram Finance Ltd., No.21, Pattulos Road, Tax, Chennai – 600 002. Company Range Vi Chennai - 34. Pan: Aaacs 4944A (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./I.T.A.No.73/Chny/2015 ("नधा"रण वष" / Assessment Years: 2005-06) Vs The Addl. Commissioner Of Income M/S. Sundaram Finance Ltd., No.21, Pattulos Road, Tax, Chennai – 600 002. Company Range Vi Chennai - 34. Pan: Aaacs 4944A (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./I.T.A.Nos. 285 & 286/Chny/2015 ("नधा"रण वष" / Assessment Years: 2004-05 & 2005-06) Vs M/S. Sundaram Finance Ltd., The Acit, Ltu-1, No.21, Pattulos Road, Chennai-34. Chennai – 600 002. Pan: Aaacs 4944A (अपीलाथ"/Appellant) (""यथ"/Respondent)

…s 41 (1). For taxing recovery of bad debts U/s 41 (4), the identity of the assessee should be same who originally claimed the deduction for bad debts written off and it relied on the decision of the Hon'ble Madras High Court in the case of CIT v. P.K. Kaimal (123 ITR 755). The AO distinguished the above case-law and also referred to application of s.176(3A) which states that "Where any business is discontinued in any year, any sum received after the discontinuance shall be deemed to be the income of the recipient and charged to tax accordingly in the sum been received before such discontinuance. The AO stated th…

ACIT, Chennai vs. Sundaram Finance Limited, Chennai

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./I.T.A.No.72/Chny/2015 ("नधा"रण वष" / Assessment Years: 2004-05) Vs The Joint Commissioner Of Income M/S. Sundaram Finance Ltd., No.21, Pattulos Road, Tax, Chennai – 600 002. Company Range Vi Chennai - 34. Pan: Aaacs 4944A (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./I.T.A.No.73/Chny/2015 ("नधा"रण वष" / Assessment Years: 2005-06) Vs The Addl. Commissioner Of Income M/S. Sundaram Finance Ltd., No.21, Pattulos Road, Tax, Chennai – 600 002. Company Range Vi Chennai - 34. Pan: Aaacs 4944A (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./I.T.A.Nos. 285 & 286/Chny/2015 ("नधा"रण वष" / Assessment Years: 2004-05 & 2005-06) Vs M/S. Sundaram Finance Ltd., The Acit, Ltu-1, No.21, Pattulos Road, Chennai-34. Chennai – 600 002. Pan: Aaacs 4944A (अपीलाथ"/Appellant) (""यथ"/Respondent)

…s 41 (1). For taxing recovery of bad debts U/s 41 (4), the identity of the assessee should be same who originally claimed the deduction for bad debts written off and it relied on the decision of the Hon'ble Madras High Court in the case of CIT v. P.K. Kaimal (123 ITR 755). The AO distinguished the above case-law and also referred to application of s.176(3A) which states that "Where any business is discontinued in any year, any sum received after the discontinuance shall be deemed to be the income of the recipient and charged to tax accordingly in the sum been received before such discontinuance. The AO stated th…