Credit Ltd. 292 ITR 339 (Del). 2. Auto Meter Ltd. 210 CTR 339 3. Poysha Oxygen (P) Ltd. v. Asst. CIT

19 SOT 711Income Tax Appellate Tribunal2008#10322 most cited
10

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2010 to 2024.

Sections most often in play

Section 143(3)Section 14ASection 2(47)Section 28(iiid)Section 28(iiie)Section 35DSection 36(1)(vii)Section 36(2)

Issues it is cited on

section 36(2)(i)section 36(2)section 36(1)(vii)disallowance u/s 14asection 36(1)section 37(1)section 36section 14aprevious yearcompanyindiatotal income

Judgments citing Credit Ltd. 292 ITR 339 (Del). 2. Auto Meter Ltd. 210 CTR 339 3. Poysha Oxygen (P) Ltd. v. Asst. CIT

BAJAJ HOLDNGS & INVESTMENT LTD ( ERSTWHILE BAJAJ AUTO LTD),MUMBAI vs. ADDL CIT RG 3(1), MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal of the revenue is dismissed

ITA 3043/MUM/2010[2002-013]Status: DisposedITAT Mumbai24 Jun 2024AY 2002-013

Bench: Shri Vikas Awasthy & Shri Amarjit Singhbajaj Holdings & Vs. Additional Commissioner Investment Ltd. Of Income-Tax, Range 3(1) Erstwile Bajaj Auto Ltd.) Aayakar Bhavan, Bajaj Bhavan, 226, M.K. Road, Nariman Point, Mumbai – 400 020 Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb3370K Appellant .. Respondent Dcit-3(4) Vs. M/S Bajaj Holding & Room No. 481-2, 4Th Floor, Investment Limited Aaykar Bhavan, (Erstwhile Bajaj Auto Ltd) Mumbai – 400020 226, Bajaj Bhavan, 2Nd Floor, Jamnalal Bajaj Marg, Nariman Point Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb3370K Appellant .. Respondent Appellant By : Percy Pardiwala & Vasanti Patel Respondent By : Ankush Kapoor

For Appellant: Percy Pardiwala &For Respondent: Ankush Kapoor
Section 143(3)Section 2(47)

…s account from business or provision. Therefore, the principle amount written off was allowable as deduction u/s 36(1)(vii) r.w.s 36(2) of the Act. The ld. Counsel has also referred the following judicial pronouncements: (a) Poysha Oxygen (P) Ltd. Vs. ACIT in 19 SOT 711 (Delhi Tribunal) (b) ITW Signode India LTD [2007] 110 TTJ 170 (HYD.) (c) Shreyas S. Morakhia (2012) 342 ITR 0285 (Bombay High Court) (d) Pudumjee Pulp & Paper Mills Ltd ITA No. 1590 of 2013 dated 5 August 2015 (Bombay High Court) (e) Mahindra Engineering and Chemical Products Ltd. [2022] 136 taxmann.com 183 (Bombay) Allowability of deduction under…

ADDL CIT RG 3(1), MUMBAI vs. BAJAJ AUTO LTD, MUMBAI

In the result, the appeal of the assessee is partly allowed and appeal of the revenue is dismissed

ITA 2899/MUM/2010[2002-03]Status: DisposedITAT Mumbai24 Jun 2024AY 2002-03

Bench: Shri Vikas Awasthy & Shri Amarjit Singhbajaj Holdings & Vs. Additional Commissioner Investment Ltd. Of Income-Tax, Range 3(1) Erstwile Bajaj Auto Ltd.) Aayakar Bhavan, Bajaj Bhavan, 226, M.K. Road, Nariman Point, Mumbai – 400 020 Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb3370K Appellant .. Respondent Dcit-3(4) Vs. M/S Bajaj Holding & Room No. 481-2, 4Th Floor, Investment Limited Aaykar Bhavan, (Erstwhile Bajaj Auto Ltd) Mumbai – 400020 226, Bajaj Bhavan, 2Nd Floor, Jamnalal Bajaj Marg, Nariman Point Mumbai – 400 021 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No:Aaacb3370K Appellant .. Respondent Appellant By : Percy Pardiwala & Vasanti Patel Respondent By : Ankush Kapoor

For Appellant: Percy Pardiwala &For Respondent: Ankush Kapoor
Section 143(3)Section 2(47)

…s account from business or provision. Therefore, the principle amount written off was allowable as deduction u/s 36(1)(vii) r.w.s 36(2) of the Act. The ld. Counsel has also referred the following judicial pronouncements: (a) Poysha Oxygen (P) Ltd. Vs. ACIT in 19 SOT 711 (Delhi Tribunal) (b) ITW Signode India LTD [2007] 110 TTJ 170 (HYD.) (c) Shreyas S. Morakhia (2012) 342 ITR 0285 (Bombay High Court) (d) Pudumjee Pulp & Paper Mills Ltd ITA No. 1590 of 2013 dated 5 August 2015 (Bombay High Court) (e) Mahindra Engineering and Chemical Products Ltd. [2022] 136 taxmann.com 183 (Bombay) Allowability of deduction under…

PRANAVA ELECTRONICS P LTD,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-12(2), BANGALORE

In the result, the appeal by the assessee is partly allowed

ITA 415/BANG/2015[2010-11]Status: DisposedITAT Bangalore06 Apr 2022AY 2010-11

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2010-11

For Appellant: Shri K.R. Pradeep, Advocate and Ms. Girija, AdvocateFor Respondent: Shri Priyadarshini Mishra, Addl. CIT
Section 115JSection 14Section 14ASection 234BSection 37(1)

…e satisfied which are only applicable with regard to debt qualifying as bad debt in the first part of sub-s. (2) in the manner as interpreted above.’’ Page 13 of 21 (8) The Hon’ble Delhi Tribunal (Third member) in the case of Poysha Oxygen (P) Ltd vs ACIT in 19 SOT 711 has held reproduced as hereunder: ‘’It only remains now to consider whether the fact that the assessee described the advance of Rs. 1 crore to ‘F’ as "inter- corporate deposit" or ICD in short is fatal to its claim. An inter- corporate deposit is a deposit made by one corporate entity with another corporate entity. It is not a legal term. It appea…

THE DCIT, GANDHINAGAR CIRCLE,, GANDHINAGAR vs. GUJARAT GAS FINANCIAL SERVICES LTD.,, AHMEDABAD

In the result, both the appeals filed by the revenue are dismissed

ITA 2951/AHD/2016[2001-02]Status: DisposedITAT Ahmedabad01 Feb 2021AY 2001-02
For Appellant: Shri S.N. Soparkar, Sr. A.R. &For Respondent: Shri L.P. Jain, Sr. D.R
Section 143(3)

…ndustries and Precision Fosters which were in the nature of inter-corporate deposits was concerned, reliance was placed on the decision of Delhi Tribunal (Third Member) in the Poysha Oxgen Pvt. Ltd. vs. ACIT in IT Appeal No. 3457 (Delhi) of 2004 A. Y. 2001-2 [19 SOT 711 (Delhi)]. Ld. DR on the other hand relied on the order of AO. . . . 9. After hearing both the parties and perusing the record, we find that the issue in respect of bad debt claim of the assessee of Rs. 12,52,424/- in the normal course of assessee's business of hire purchase is covered in assessee's favour by the decision of this Tribunal in assess…

PRANAVA ELECTRONICS PVT LTD vs. DEPUTY COMMISSIONER

In the result, the appeal is disposed of

ITA/147/2016HC Karnataka07 Dec 2020

Bench: ALOK ARADHE,H.T. NARENDRA PRASAD

Section 115JSection 14Section 143(1)Section 143(2)Section 14ASection 260Section 260ASection 36(1)(vii)Section 36(2)Section 37(1)

…ALWA UNITED MILLS LTD. VS. STATE OF MADHYA PRADESH & ORS', 55 ITR 736, 'BADRIDAS DAGA VS. CIT', 34 ITR 10, 'A.V.THOMAS & CO. LTD. VS. CIT', 48 ITR 67, 'ALL GROW FINANCE AND INVESTMENT P LTD. VS. CIT', 338 ITR 496, 'POYSHA OXYGEN (P) LTD VS. ACIT', 19 SOT 711, 'MOHAN MEAKIN LTD VS. CIT', 348 ITR 109, 'CIT VS. VIVEK ENGINEERING & CASTING LTD.', 383 ITR 480, 'CIT VS. SMT.PADMA S. BORA', (2015) 54 TAXMANN.COM 319, 'CIT VS. GILLANDERS ARBUTHNOT & CO LTD', 138 ITR 763. 8 5. On the other hand, learned counsel for the revenue submitted that the Commissioner of Income Tax (Appeals) as well as…

PRL COMM OF INCOME TAX-2, HYDERABAD vs. M/S NUZIVIDU SWATHI COASTAL CONSORTIUM, HYDERABAD

In the result, the appeal is disposed of

ITTA/147/2016HC Telangana24 Aug 2018

Bench: M.GANGA RAO,RAMESH RANGANATHAN

Section 115JSection 14Section 143(1)Section 143(2)Section 14ASection 260Section 260ASection 36(1)(vii)Section 36(2)Section 37(1)

…ALWA UNITED MILLS LTD. VS. STATE OF MADHYA PRADESH & ORS', 55 ITR 736, 'BADRIDAS DAGA VS. CIT', 34 ITR 10, 'A.V.THOMAS & CO. LTD. VS. CIT', 48 ITR 67, 'ALL GROW FINANCE AND INVESTMENT P LTD. VS. CIT', 338 ITR 496, 'POYSHA OXYGEN (P) LTD VS. ACIT', 19 SOT 711, 'MOHAN MEAKIN LTD VS. CIT', 348 ITR 109, 'CIT VS. VIVEK ENGINEERING & CASTING LTD.', 383 ITR 480, 'CIT VS. SMT.PADMA S. BORA', (2015) 54 TAXMANN.COM 319, 'CIT VS. GILLANDERS ARBUTHNOT & CO LTD', 138 ITR 763. 8 5. On the other hand, learned counsel for the revenue submitted that the Commissioner of Income Tax (Appeals) as well as…

DCIT, NEW DELHI vs. M/S. ESCORTS FINANCE LTD., FARIDABAD

In the result, the appeal of the appellant is allowed

ITA 6673/DEL/2013[2007-08]Status: DisposedITAT Delhi02 Jun 2016AY 2007-08

Bench: Shri H.S. Sidhu & Shri O.P. Kant

For Appellant: Sh. R.M. Mehta, AdvFor Respondent: Sh. T. Vasanthan, Sr. DR
Section 142(1)Section 143(3)Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “D” NEW DELHI BEFORE SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER I.T.A. No. 6673/Del/2013 A.Y. : 2007-08 Dy. Commissioner of Income vs. M/s Escorts Finance Ltd., Tax, Circle 11(1), 15/5, Mathura Road, Room No. 405, Faridabad – 121 003 CR Bldg., PAN : AAACE0763B) New Delhi (Appellant ) (Respondent ) Department by : Sh. T. Vasanthan, Sr. DR Assessee by : Sh. R.M. Mehta, Adv. Date of hearing : 25/05/2016 Date of Order : 02/06/2016 ORDER PER H.S. SIDHU : JM This appeal by the Revenue is directed against the Order of the Ld. Commissione…

KHYATI REALTORS P.LD,MUMBAI vs. ACIT 6(2), MUMBAI

In the result, appeal of assessee is allowed

ITA 129/MUM/2014[2009-10]Status: DisposedITAT Mumbai04 Mar 2016AY 2009-10
For Appellant: Shri Vijay MehtaFor Respondent: Shri K.V.Narsimhacharya
Section 142(1)Section 143Section 143(2)Section 143(3)Section 36Section 36(1)(iii)Section 36(1)(vii)Section 36(2)Section 37(1)

…ent Services Ltd (2009) 29 (I) ITCL 110 (Cal-HC) DCIT v SREI International Finance Ltd. [2006]10 SOT 722 (DELHI) Ajar Entrade (P.) Ltd.v ACIT [2005]2 SOT 511 (AHD.) Matrix Logistics (P.) Ltd. v CIT [2010]122 ITD 228 (AHD.) Poysha Oxygen (P.) Ltd. v ACIT [2008]19 SOT 711 (DELHI)(TM) Small Industries Development Bank of India v Addnl CIT [2009] 32 SOT 536 (MUM.) A gist of the aforesaid rulings is enclosed in Annexure 1. 2.14. It is also a settled position that a write off of a trade debt in the books of accounts is sufficient to claim the bad debts under the Act. A copy of the ledger of the party highlighting the w…

CIT vs. CITICORP MARUTI FINANCE LIMITED

Appeal is dismissed accordingly

ITA/1712/2010HC Delhi09 Nov 2010

Bench: HON'BLE MR. JUSTICE A.K.SIKRI,HON'BLE MR. JUSTICE SURESH KUMAR KAIT

Section 28Section 36Section 36(1)Section 36(2)

…ITA No. 1712/2010 & 1714/2010 Page 1 of 6 * IN THE HIGH COURT OF DELHI AT NEW DELHI {ITA 1712/2010 & {ITA 1714/2010} Date of order: November 9, 2010 ITA 1712/2010 COMMISSIONER OF INCOME TAX . . . APPELLANT Through: Ms. Prem Lata Bansal, Sr. Standing Counsel VERSUS CITICORP MARUTI FINANCE LTD. . . .RESPONDENT Through: Mr. C.S. Aggarwal, Sr. Advocate with Mr. Prakash Kumar, Advocate. ITA 1714/2010 COMMISSIONER OF INCOME TAX . . . APPELLANT Through: Ms. Prem Lata Bansal, Sr. Standing Counsel…

CIT vs. CITICORP MARUTI FINANCE LIMITED

Appeal is dismissed accordingly

ITA - 1712 / 2010HC Delhi09 Nov 2010
Section 36Section 36(1)Section 36(2)

…* IN THE HIGH COURT OF DELHI AT NEW DELHI {ITA 1712/2010 & {ITA 1714/2010} Date of order: November 9, 2010 ITA 1712/2010 COMMISSIONER OF INCOME TAX . . . APPELLANT Through: Ms. Prem Lata Bansal, Sr. Standing Counsel VERSUS CITICORP MARUTI FINANCE LTD. . . .RESPONDENT Through: Mr. C.S. Aggarwal, Sr. Advocate with Mr. Prakash Kumar, Advocate. ITA 1714/2010 COMMISSIONER OF INCOME TAX . . . APPELLANT Through: Ms. Prem Lata Bansal, Sr. Standing Counsel VERSUS CITICORP MARUTI FINANCE LTD. . . .R…

Credit Ltd. 292 ITR 339 (Del). 2. Auto Meter Ltd. 210 CTR 339 3. Poysha Oxygen (P) Ltd. v. Asst. CIT (19 SOT 711) — Cited in 10 Judgments | BharatTax