G.R. Pandya Share Broking Ltd. v. Income-tax Officer, 4(1)(2)

26 SOT 431Income Tax Appellate Tribunal2008#24058 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2017 to 2021.

Judgments citing G.R. Pandya Share Broking Ltd. v. Income-tax Officer, 4(1)(2)

M/S Mega Management Services Pvt Ltd., Mumbai vs. DCIT CC 6 (4), Mumbai

In the result, the appeal filed by the assessee is hereby dismissed

ITA 6818/MUM/2019[2014-15]Status: DisposedITAT Mumbai08 Apr 2021AY 2014-15

For Appellant: Shri Navnit ChoudharyFor Respondent: Shri Sanjay Sethi (Sr. AR)

Section 143(2)Section 14ASection 28Section 36(1)(iii)Section 36(2)

…of section 36(2)(i) of the income tax Act have not been satisfied the advance of Rs. 60 lakhs cannot be successfully thinned as bad debts written off. The Hon’ble ITAT Mumbai in the case of G.R. Pandya Share Broking Ltd. v. Income-tax Officer, 4(1)(2) [2008) 26 SOT 431 (Mumbai) held as under : 26. Keeping in view of the facts and circumstances of the case, we are of the considered opinion that assessee is entitled to claim for deduction of the bad debt on its writing off in the books of account from its total income under section 360) (vii, of the Act only with regard to the brokerage which has been taken into a…

M/S. Industrial Develop, Ment Bank of India, Mumbai vs. The Dy CIT RG 3(1), Mumbai

ITA 3371/MUM/2004[1998-1999]Status: DisposedITAT Mumbai02 Jan 2020AY 1998-1999

Bench: Sri Mahavir Singh, Jm & Sri Rajesh Kumar, Am Aayakr Apila Sam./ Ita No. 3371/Mum/2004 (Inaqa-Arna Baya- / Assessment Year 1998-99) Aayakr Apila Sam./ Ita No. 3372/Mum/2004 (Inaqa-Arna Baya- / Assessment Year 1999-00) Aayakr Apila Sam./ Ita No. 3373/Mum/2004 (Inaqa-Arna Baya- / Assessment Year 2000-01) Industrial Development Bank Of The Dy. Commissioner Of Income India, Taxation Cell, 3 Rd Floor, Tax, Range 3(1), 6 Th Floor, Room Vs. Idbi Tower, Wtc Complex, No. 623, Aayakar Bhavan, M.K. Cuffe Parade, Mumbai-400 005 Road, Mumbai-400 020 .. (P`%Yaqaai- / Respondent) (Apilaaqai- / Appellant) स्थामी रेखा िं./Pan No. Aaaci1105R Aayakr Apila Sam./ Ita No. 4744/Mum/2005 (Inaqa-Arna Baya- / Assessment Year 2001-02) Aayakr Apila Sam./ Ita No. 5962/Mum/2008 (Inaqa-Arna Baya- / Assessment Year 2002-03) Aayakr Apila Sam./ Ita No. 3907/Mum/2009 (Inaqa-Arna Baya- / Assessment Year 2003-04) Aayakr Apila Sam./ Ita No. 3908/Mum/2009 (Inaqa-Arna Baya- / Assessment Year 2004-05) Aayakr Apila Sam./ Ita No. 3909/Mum/2009 (Inaqa-Arna Baya- / Assessment Year 2005-06) Aayakr Apila Sam./ Ita No. 2488/Mum/2010 (Inaqa-Arna Baya- / Assessment Year 2006-07) Aayakr Apila Sam./ Ita No. 13/Mum/2011

Section 143(3)

…he principal amount also qualifies to be claimed as bad debts, since the appellant was in the business of money lending. Alternatively the component of principal amount was also allowable as business loss as held by Mumbai ITAT in the cases reported in (2008) 26 SOT 431 and (2008) 26 SOT 462. The Special Bench of Ahmedabad ITAT in the case of Gujarat Gas Financial Services reported in (2008) 14 DTR 481 also held that such amount are allowable as bad debts. In view of this legal position, the appellant correctly claimed the unrecoverable loans and advances as bad debts in the return of income. 8.3(b) The second q…

Systematix Shares and Stocks India Ltd., Mumbai vs. ACIT, Chennai

In the result the appeal of the assessee is partly allowed

ITA 2870/CHNY/2016[2010-11]Status: DisposedITAT Chennai11 May 2017AY 2010-11

Bench: Shri A.Mohan Alankamony & Shri G. Pavan Kumarआयकर अपील सं./Ita No.2870/Mds/2016 िनधा"रण वष" / Assessment Year : 2010-11 M/S. Systematix Shares & Stocks V. The Asst. Commissioner Of India Ltd., Income Tax, 2Nd Floor, Jk Somani Building, Company Circle – Vi(4), British Hotel Lane, Chennai-34. Fort Mumbai – 400 001 Pan: Aaecs8827N (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Shri N R Suresh, Ca ""यथ" क" ओर से/Respondent By : Shri Shiva Srinivas, Jcit सुनवाई क" तारीख/Date Of Hearing : 16.03.2017 घोषणा क" तारीख/Date Of Pronouncement : 11.05.2017

For Appellant: Shri N R Suresh, CAFor Respondent: Shri Shiva Srinivas, JCIT

Section 143(3)Section 14ASection 250(6)Section 36(1)(vii)

…hich was already booked as income. 2) Loss related to non-payment of cost of shares purchased on behalf of clients. The Ld.AO relying on the decision of the Mumbai bench of the Tribunal in the case G.R. Pandiya Share Broking Ltd vs. ITO (2008) reported in 26 SOT 431(Mum) questioned the Ld.AR as to why the bad debts with respect to non-payment of cost of shares should not be disallowed U/s.36(1)(vii) read with Sec 36(2) of the Act, since only the brokerage income has been taken into account for computing the total income of the assessee. The Ld.AR relied on the decision of the Hon’ble Mumbai High Court in t…