CIT v. Vasisth Chay Vyapar Ltd.

410 ITR 244Supreme Court of India2019#1813 most cited
63

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2019 to 2026.

Also referred to as

CIT v. Vasisth Chay Vyapar Ltd. · Vasisth Chay Vyapar Supreme Court · Section 43D · Real Income Theory · interest on bad and doubtful debts · Section 36(1)(viia) · provision for bad and doubtful debts · Section 14A · expenditure for exempt income · Section 35D · preliminary expenses · Income Tax Act 1961

Also reported as

253 Taxmann 401

Sections most often in play

Section 37(1)Section 43DSection 14ASection 35DSection 1961Section 234ASection 41Section 8D(2)

Issues it is cited on

section 43dsection 36(2)(v)section 41(4)section 36(1)(viia)(c)section 197a(1a)section 36(1)(v)preliminary expensessection 197asection 35dsection 36(1)(viia)real income theorysection 36(1)(viii)

Judgments citing CIT v. Vasisth Chay Vyapar Ltd.

Deputy Commissioner of Income Tax, Pune vs. Bank of Maharashtra, Pune

In the result, the appeal of assessee is partly allowed in the terms aforesaid

ITA 579/PUN/2017[2011-12]Status: DisposedITAT Pune27 Jun 2019AY 2011-12

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri S. Ananthan with Mrs. Lalitha RFor Respondent: Mrs. Kesang Y. Sherpa

…आयकर अऩीऱीय अधधकरण “बी” न्यायऩीठ ऩुणे में । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE श्री डी. करुणाकरा राव, ऱेखा सदस्य, एवं श्री ववकास अवस्थी, न्याययक सदस्य के समक्ष । BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI VIKAS AWASTHY, JM आयकर अऩीऱ सं. / ITA No.579/PUN/2017 यनधाारण वषा / Assessment Year : 2011-12 Deputy Commissioner of Income Tax, Circle – 1(1), Pune .......अऩीऱाथी / Appellant बनाम / V/s. Bank of Maharashtra, 1501, Lokmangal, Shivaji Nagar, Pune – 411005 PAN : AACCB0774B ……प्रत्यथी / Respondent आयकर अऩीऱ सं. / ITA No.634/PUN/2017 यनधाारण वषा / Assessment Year : 2011-12 Bank of Maharashtr…

Aditya Birla Finance Ltd, Mumbai vs. DCIT 2(1)(1), Mumbai

In the result, both, the appeals of assessee are assessee allowed

ITA 1491/MUM/2018[2013-14]Status: DisposedITAT Mumbai21 May 2019AY 2013-14

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am Aayakr Apila Sam./ Ita No. 1490 & 1491/Mum/2018 (Inaqa-Arna Baya- / Assessment Years 2014-15 & 2013-14) Aditya Birla Finance Limited The Dy. Commissioner Of One Indiabulls Center, Tower- Income Tax, Circle 2(1)(1), 18Th Floor, Jupiter Mill Mumbai Compound, 841, Vs. Senapatibapat Marg, Elphinstone Road, Mumbai- 400 013 .. (P`%Yaqaai- / Respondent) (Apilaaqai- / Appellant) स्थायी लेखा िं./Pan No. Aabcb5769M अपीलाथी की ओर े / Appellant By : S/Shri Ronak Doshi & Hadik Nirmal, Ars’ प्रत्यथी की ओर े / Respondent By : Shri B.S. Bist, Dr ुनवाई की तारीख / Date Of Hearing: 09-05-2019 घोषणा की तारीख / Date Of Pronouncement : 21-05-2019

For Appellant: S/shri Ronak Doshi &For Respondent: Shri B.S. Bist, DR
Section 143(3)

…t.." 6. Before us, the learned Counsel for the assessee also stated that the decision of Hon’ble Delhi High Court in the case of Vasisth Chay Vyapar Ltd. (supra) has been affirmed by Hon’ble Supreme court in the case of CIT vs. Vasisth Chay Vyapar Ltd [2019] 410 ITR 244 (SC), wherein the Hon’ble Supreme Court has dismissed the Civil appeal of Revenue and uphold the decision of Hon’ble Delhi High Court by stating that since as per Prudential Norms issued by RBI, said ICDs had become NPA on which no interest was received and possibility of recovery was 8 ITAs No. 1490 & 1491/Mum/2018 almost nil, it could not be t…

Aditya Birla Finance Ltd, Mumbai vs. DCIT 2(1)(1), Mumbai

In the result, both, the appeals of assessee are assessee allowed

ITA 1490/MUM/2018[2014-15]Status: DisposedITAT Mumbai21 May 2019AY 2014-15

Bench: Sri Mahavir Singh, Jm & Sri Nk Pradhan, Am Aayakr Apila Sam./ Ita No. 1490 & 1491/Mum/2018 (Inaqa-Arna Baya- / Assessment Years 2014-15 & 2013-14) Aditya Birla Finance Limited The Dy. Commissioner Of One Indiabulls Center, Tower- Income Tax, Circle 2(1)(1), 18Th Floor, Jupiter Mill Mumbai Compound, 841, Vs. Senapatibapat Marg, Elphinstone Road, Mumbai- 400 013 .. (P`%Yaqaai- / Respondent) (Apilaaqai- / Appellant) स्थायी लेखा िं./Pan No. Aabcb5769M अपीलाथी की ओर े / Appellant By : S/Shri Ronak Doshi & Hadik Nirmal, Ars’ प्रत्यथी की ओर े / Respondent By : Shri B.S. Bist, Dr ुनवाई की तारीख / Date Of Hearing: 09-05-2019 घोषणा की तारीख / Date Of Pronouncement : 21-05-2019

For Appellant: S/shri Ronak Doshi &For Respondent: Shri B.S. Bist, DR
Section 143(3)

…t.." 6. Before us, the learned Counsel for the assessee also stated that the decision of Hon’ble Delhi High Court in the case of Vasisth Chay Vyapar Ltd. (supra) has been affirmed by Hon’ble Supreme court in the case of CIT vs. Vasisth Chay Vyapar Ltd [2019] 410 ITR 244 (SC), wherein the Hon’ble Supreme Court has dismissed the Civil appeal of Revenue and uphold the decision of Hon’ble Delhi High Court by stating that since as per Prudential Norms issued by RBI, said ICDs had become NPA on which no interest was received and possibility of recovery was 8 ITAs No. 1490 & 1491/Mum/2018 almost nil, it could not be t…