CIT v. Times Business Solution Ltd.

Dy CIT 10 (3)(1), Mumbai vs. M/S Olivia Impex Pvt Ltd., Mumbai

In the result, the appeal filed by the revenue is dismissed

…tablish that the debt, in fact, has become irrecoverable. It is enough if the bad debt is written off as irrecoverable in the accounts of the assessee. Similar view has also been taken in the following judgements: • CIT vs. Times Business Solution Ltd. (2013) 354 ITR 25 (Delhi) • Onprocess Technology India (P.) Ltd. vs. DOlT (2018) Further The Central Board of Direct Tax (CBDT) vide its Circular dated 1212016 dated 30 May 2016 has observed that the legislative intention of the aforesaid amendment to section 36(1)(vii) was to eliminate litigation on the issue of allowability of bad debts by removing the conditions…

Crisil Risk and Infrstructure Solutions Ltd, Mumbai vs. Asst CIT 10(3), Mumbai

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year- 2008-09 Dcit-10(3), M/S Crisil Risk & Room No.451, 4Th Floor, Infrastructure Solution Ltd. बनाम/ Aayakar Bhavan, Central Avenue, Vs. Maharshi Karve Road, Hiranandani Business Park, Mumbai-400020 Powai, Mumbai-400076 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aabcc4655M Assessment Year- 2008-09 M/S Crisil Risk & Dcit-10(3), Infrastructure Solution Ltd. Room No.451, 4Th Floor, बनाम/ Central Avenue, Aayakar Bhavan, Vs. Hiranandani Business Maharshi Karve Road, Park, Powai, Mumbai-400020 Mumbai-400076 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aabcc4655M

…lities were taken by the assessee including the impugned debts by further submitting that the income was offered in the principle company and this factum has been accepted by the Assessing Officer in the remand report. Reliance was placed upon the decision in 354 ITR 25 and 22 taxman 45 (SC). On the other hand, ld. DR, Shri Pradip Kumar Singh, defended the conclusion arrived at in the impugned order by supporting the observation made in the assessment order. 2.1. We have considered the rival submissions and perused the material available on record. The facts, in brief, 3 M/s CRISIL Risk & Infrastructure Solutio…

DCIT 10(3), Mumbai vs. Crisil Risk & Infrastructure Soluiton Ltd, Mumbai

The appeal of the Revenue is dismissed

Bench: Shri Joginder Singh & Shri Ashwani Tanejaassessment Year- 2008-09 Dcit-10(3), M/S Crisil Risk & Room No.451, 4Th Floor, Infrastructure Solution Ltd. बनाम/ Aayakar Bhavan, Central Avenue, Vs. Maharshi Karve Road, Hiranandani Business Park, Mumbai-400020 Powai, Mumbai-400076 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aabcc4655M Assessment Year- 2008-09 M/S Crisil Risk & Dcit-10(3), Infrastructure Solution Ltd. Room No.451, 4Th Floor, बनाम/ Central Avenue, Aayakar Bhavan, Vs. Hiranandani Business Maharshi Karve Road, Park, Powai, Mumbai-400020 Mumbai-400076 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aabcc4655M

…lities were taken by the assessee including the impugned debts by further submitting that the income was offered in the principle company and this factum has been accepted by the Assessing Officer in the remand report. Reliance was placed upon the decision in 354 ITR 25 and 22 taxman 45 (SC). On the other hand, ld. DR, Shri Pradip Kumar Singh, defended the conclusion arrived at in the impugned order by supporting the observation made in the assessment order. 2.1. We have considered the rival submissions and perused the material available on record. The facts, in brief, 3 M/s CRISIL Risk & Infrastructure Solutio…