TRF Ltd. v. CIT

323 ITR 397Supreme Court of India2010#71 most cited

What is TRF Ltd. v. CIT authority for?

For claiming deduction for bad debts under section 36(1)(vii) of the Income Tax Act, it is sufficient for the assessee to write off the debt as irrecoverable in its accounts, and it is not necessary to prove that the debt has actually become irrecoverable.

714

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2010 to 2026.

Also referred to as

TRF Ltd. v. CIT · section 36(1)(vii) · bad debts · deduction · irrecoverable · written off · assessee's accounts · income tax act

Also reported as

190 Taxmann 391230 CTR 14190 Taxmann.com 391

Sections most often in play

Section 143(3)Section 36(1)(vii)Section 147Section 14ASection 36(2)Section 148Section 40(a)(ia)Section 132

Issues it is cited on

section 36(2)section 36(1)(vii)business expediencysection 36(1)section 36commercial expediencyrevenue expendituredisallowance under section 14acapital expendituresection 28section 115jsection 14a

Judgments citing TRF Ltd. v. CIT

M/S. Sbi Capital Markets Ltd vs. The Jt CIT Sr-27

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 3791/MUM/2004[1997-1998]Status: DisposedITAT Mumbai13 Jan 2023AY 1997-1998

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…P a g e | 1 19 Appeals SBI Capital Market Ltd. Vs. ACIT,Range 4(3)(3) IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT, MEMBER ITA No.3790 /Mum/2004 (A.Y.1996-97) SBI Capital Markets Ltd. Vs. Asst. Commissioner of 202, Maker Tower E, Income-tax Range-4(3)(3) Cuffe Parede, Mumbai Mumbai – 400 005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACS7339D Appellant .. Respondent ITA Nos.3791 & 4246/Mum/2004 (A.Y.1997-98 & 1998-99) SBI Capital Markets Ltd. Vs. Jt. Commissioner of 202, Maker Tower E, Income-tax Special Cuffe Parede…

M/S. Sbi Capital Markets Ltd vs. The ACIT RG-4(3)(3)

In the result the, all the appeals of the assesse are partly allowed and the appeal of the revenue is dismissed

ITA 3790/MUM/2004[1996-1997]Status: DisposedITAT Mumbai13 Jan 2023AY 1996-1997

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh, Accountant, Member Ita No.3790 /Mum/2004 (A.Y.1996-97)

…P a g e | 1 19 Appeals SBI Capital Market Ltd. Vs. ACIT,Range 4(3)(3) IN THE INCOME TAX APPELLATE TRIBUNAL “G” BENCH, MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT, MEMBER ITA No.3790 /Mum/2004 (A.Y.1996-97) SBI Capital Markets Ltd. Vs. Asst. Commissioner of 202, Maker Tower E, Income-tax Range-4(3)(3) Cuffe Parede, Mumbai Mumbai – 400 005 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAACS7339D Appellant .. Respondent ITA Nos.3791 & 4246/Mum/2004 (A.Y.1997-98 & 1998-99) SBI Capital Markets Ltd. Vs. Jt. Commissioner of 202, Maker Tower E, Income-tax Special Cuffe Parede…

Deputy Commissioner of Income-Tax vs. Ajanta Infrastructure Pvt. Ltd., Aurangabad

Appeal is dismissed

ITA 1349/PUN/2016[2011-12]Status: DisposedITAT Pune23 Dec 2022AY 2011-12

Bench: Shri Satbeer Singh Godara & Shri Dr. Dipak P. Ripote

For Appellant: Smt. Deepa KhareFor Respondent: Shri Ramnath P. Murkunde
Section 143(3)Section 32Section 36(1)(iii)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCHES “A” : PUNE BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER I.T.A No.1349/PUN/2016 Assessment Year 2011-12 M/s. Ajanta DCIT, Central Circle-2, Infrastructure Pvt. Ltd., 3rd Floor, Kendriya Rajaswa vs API Compound, M.I.D.C. Bhavan, Gadkari Chowk, Chikalthana, Old Agra Road, Aurangabad. Nashik. PAN AAECA7855J Appellant Respondent Revenue by : Shri Ramnath P. Murkunde Assessee by : Smt. Deepa Khare Date of hearing : 07.12.2022 Date of pronouncement : 23.12.2022 ORDER PER SATBEER SINGH GODARA, J.M. : This Revenue’s ap…

Xchanging Solutions Limited, Bangalore vs. The Deputy Commissioner of Income Tax, Circle-7(1)(1), Bangalore

In the result, the appeal is partly allowed

ITA 292/BANG/2022[2017-18]Status: DisposedITAT Bangalore21 Dec 2022AY 2017-18

Bench: Shri N.V. Vasudevan & Ms. Padmavathy S

For Appellant: Shri Padamchand Khincha, CAFor Respondent: Shri K. Sankar Ganesh, Jt.CIT(DR)(ITAT), Bengaluru
Section 143(2)Section 143(3)

…of the assessee that the loan transaction was nil in the books of the appellant holds no water. IT(TP)A No.292/Bang/2022 Page 37 of 42 Loans issued to XSL USA Rs. 98.61 Crore In support of the above arguments the assessee relied on the cases of TRF Ltd VCIT 323 ITR 397 (SC) and Vijaya Bank Vs CIT 166 (SC). As stated in the case of Instrumentarium Corporation (supra) the ratio laid down in these cases are not relevant to determination of ALP and taxability of international transaction which is covered under Chapter X of IT Act 1961. There is no substance in the argument of the assessee that the loan given to its…

Air India Ltd, Mumbai vs. DCIT 5(1), Mumbai

In the result, the appeals filed by the assessee are partly allowed for statistical purposes and the appeals filed by the revenue are dismissed

ITA 4467/MUM/2018[2010-11]Status: DisposedITAT Mumbai13 Dec 2022AY 2010-11

Bench: Shri Baskaran Br, Accountat Member & Shri Pavan Kumar Gadaleita No. 4467, 4518 & 4544/Mum/2018 (A.Y: 2010-11, 2011-12 & 2012-13)

For Appellant: Shri Madhur Agrawal.ARFor Respondent: Smt Sailaja Rai, CIT DR
Section 143(2)Section 14ASection 250Section 44A

…e’s subsidiaries and Ld.CIT(A) confirmed the addition made by the Assessing Officer. 5. Before us, the Ld.AR contended that the assessee has written off the said amount even in the previous year and was covered by the decision of Apex Court in TRF Ltd vs CIT 323 ITR 397 (SC). The Ld.DR vehemently argued that such debt was recoverable and on the other hand, relied on the order of the lower authorities. 6. Having heard both the Ld.representatives and perused the material on record, we are of the considered opinion that such dues were recoverable ITA Nos. 4484, 4485,4486, 4518,4544 & 4467/Mum/2018 M/s Air India L…

Air India Ltd, Mumbai vs. DCIT 5(1)(1), Mumbai

In the result, the appeals filed by the assessee are partly allowed for statistical purposes and the appeals filed by the revenue are dismissed

ITA 4544/MUM/2018[2012-13]Status: DisposedITAT Mumbai07 Dec 2022AY 2012-13

Bench: Shri Baskaran Br, Accountat Member & Shri Pavan Kumar Gadaleita No. 4467, 4518 & 4544/Mum/2018 (A.Y: 2010-11, 2011-12 & 2012-13)

For Appellant: Shri Madhur Agrawal.ARFor Respondent: Smt Sailaja Rai, CIT DR
Section 143(2)Section 14ASection 250Section 44A

…e’s subsidiaries and Ld.CIT(A) confirmed the addition made by the Assessing Officer. 5. Before us, the Ld.AR contended that the assessee has written off the said amount even in the previous year and was covered by the decision of Apex Court in TRF Ltd vs CIT 323 ITR 397 (SC). The Ld.DR vehemently argued that such debt was recoverable and on the other hand, relied on the order of the lower authorities. 6. Having heard both the Ld.representatives and perused the material on record, we are of the considered opinion that such dues were recoverable ITA Nos. 4484, 4485,4486, 4518,4544 & 4467/Mum/2018 M/s Air India L…

Air India Ltd, Mumbai vs. DCIT 5(1), Mumbai

In the result, the appeals filed by the assessee are partly allowed for statistical purposes and the appeals filed by the revenue are dismissed

ITA 4518/MUM/2018[2011-12]Status: DisposedITAT Mumbai07 Dec 2022AY 2011-12

Bench: Shri Baskaran Br, Accountat Member & Shri Pavan Kumar Gadaleita No. 4467, 4518 & 4544/Mum/2018 (A.Y: 2010-11, 2011-12 & 2012-13)

For Appellant: Shri Madhur Agrawal.ARFor Respondent: Smt Sailaja Rai, CIT DR
Section 143(2)Section 14ASection 250Section 44A

…e’s subsidiaries and Ld.CIT(A) confirmed the addition made by the Assessing Officer. 5. Before us, the Ld.AR contended that the assessee has written off the said amount even in the previous year and was covered by the decision of Apex Court in TRF Ltd vs CIT 323 ITR 397 (SC). The Ld.DR vehemently argued that such debt was recoverable and on the other hand, relied on the order of the lower authorities. 6. Having heard both the Ld.representatives and perused the material on record, we are of the considered opinion that such dues were recoverable ITA Nos. 4484, 4485,4486, 4518,4544 & 4467/Mum/2018 M/s Air India L…

DCIT 5(1)(1), Mumbai vs. Air India Ltd, Mumbai

In the result, the appeals filed by the assessee are partly allowed for statistical purposes and the appeals filed by the revenue are dismissed

ITA 4486/MUM/2018[2010-11]Status: DisposedITAT Mumbai07 Dec 2022AY 2010-11

Bench: Shri Baskaran Br, Accountat Member & Shri Pavan Kumar Gadaleita No. 4467, 4518 & 4544/Mum/2018 (A.Y: 2010-11, 2011-12 & 2012-13)

For Appellant: Shri Madhur Agrawal.ARFor Respondent: Smt Sailaja Rai, CIT DR
Section 143(2)Section 14ASection 250Section 44A

…e’s subsidiaries and Ld.CIT(A) confirmed the addition made by the Assessing Officer. 5. Before us, the Ld.AR contended that the assessee has written off the said amount even in the previous year and was covered by the decision of Apex Court in TRF Ltd vs CIT 323 ITR 397 (SC). The Ld.DR vehemently argued that such debt was recoverable and on the other hand, relied on the order of the lower authorities. 6. Having heard both the Ld.representatives and perused the material on record, we are of the considered opinion that such dues were recoverable ITA Nos. 4484, 4485,4486, 4518,4544 & 4467/Mum/2018 M/s Air India L…

DCIT 5(1)(1), Mumbai vs. Air India Ltd, Mumbai

In the result, the appeals filed by the assessee are partly allowed for statistical purposes and the appeals filed by the revenue are dismissed

ITA 4485/MUM/2018[2011-12]Status: DisposedITAT Mumbai07 Dec 2022AY 2011-12

Bench: Shri Baskaran Br, Accountat Member & Shri Pavan Kumar Gadaleita No. 4467, 4518 & 4544/Mum/2018 (A.Y: 2010-11, 2011-12 & 2012-13)

For Appellant: Shri Madhur Agrawal.ARFor Respondent: Smt Sailaja Rai, CIT DR
Section 143(2)Section 14ASection 250Section 44A

…e’s subsidiaries and Ld.CIT(A) confirmed the addition made by the Assessing Officer. 5. Before us, the Ld.AR contended that the assessee has written off the said amount even in the previous year and was covered by the decision of Apex Court in TRF Ltd vs CIT 323 ITR 397 (SC). The Ld.DR vehemently argued that such debt was recoverable and on the other hand, relied on the order of the lower authorities. 6. Having heard both the Ld.representatives and perused the material on record, we are of the considered opinion that such dues were recoverable ITA Nos. 4484, 4485,4486, 4518,4544 & 4467/Mum/2018 M/s Air India L…

JCIT, Bangalore vs. M/S Siddivinayaka Property Developers, Bangalore

In the result, the appeal filed by revenue stands partly allowed for statistical purposes, the C

ITA 207/BANG/2012[2006-07]Status: DisposedITAT Bangalore30 Nov 2022AY 2006-07

Bench: Shri Chandra Poojaria & Smt. Beena Pillai

For Appellant: Shri V. Srinivasan, Advocate
Section 132Section 143(3)Section 153CSection 234ASection 254(2)Section 36(1)(vii)

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH : BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBERA AND SMT. BEENA PILLAI, JUDICIAL MEMBER Assessment Appeal No. Appellant Respondent Year M/s. Siddivinayaka Property Developers, The Deputy #10/1, Commissioner of ITA No. Lakshminarayana Income Tax, 165/Bang/2012 Complex, Central Circle – 1[1], Palace Road, Bangalore. Bangalore – 560 052. PAN: ABJFS2900B M/s. Siddivinayaka Property Developers, The Joint #10/1, Commissioner of ITA No. Lakshminarayana Income Tax (OSD), 207/Bang/2012 Complex, Central Range, 2006-07 Palace Road, Bangalore. Bangalore – 560 052. P…

M/S Siddivinayaka Property Developers, Bangalore vs. DCIT, Bangalore

In the result, the appeal filed by revenue stands partly allowed for statistical purposes, the C

ITA 165/BANG/2012[2006-07]Status: DisposedITAT Bangalore30 Nov 2022AY 2006-07

Bench: Shri Chandra Poojaria & Smt. Beena Pillai

For Appellant: Shri V. Srinivasan, Advocate
Section 132Section 143(3)Section 153CSection 234ASection 254(2)Section 36(1)(vii)

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH : BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBERA AND SMT. BEENA PILLAI, JUDICIAL MEMBER Assessment Appeal No. Appellant Respondent Year M/s. Siddivinayaka Property Developers, The Deputy #10/1, Commissioner of ITA No. Lakshminarayana Income Tax, 165/Bang/2012 Complex, Central Circle – 1[1], Palace Road, Bangalore. Bangalore – 560 052. PAN: ABJFS2900B M/s. Siddivinayaka Property Developers, The Joint #10/1, Commissioner of ITA No. Lakshminarayana Income Tax (OSD), 207/Bang/2012 Complex, Central Range, 2006-07 Palace Road, Bangalore. Bangalore – 560 052. P…

DCIT, Circle- 13(1), New Delhi vs. Jagson International Ltd., New Delhi

ITA 5375/DEL/2019[2016-17]Status: DisposedITAT Delhi25 Nov 2022AY 2016-17

Bench: Sh. C. N. Prasaddr. B. R. R. Kumar

For Appellant: Sh. Rajiv Saxena, Adv. &For Respondent: Sh. Rajesh Kumar, CIT DR
Section 115JSection 115VSection 143(3)Section 14ASection 36Section 40

…of filing. Taxmann.com 185 dismissing with affect from SLR and confirming the 01/04/2004 deleting decision of Rajasthan High any restriction which Court reported in 84 were earlier existing in Taxmann.com 173 following the proviso and so w.ef TRF Ltd vs. CIT 323 ITR 397 01/04/2004 any SC. payment made before the due date of filing is allowable u/s 43B. It is not disputed that payments have been made before the due date of filing as depicted in tax audit report and the return. 2. It is submitted that most of the issues as mentioned above are covered by the decision of your predecessor and also 8 CO No. 83/Del/20…

DCIT, Circle- 13(1), New Delhi vs. Jagson International Ltd., New Delhi

ITA 6872/DEL/2018[2015-16]Status: DisposedITAT Delhi25 Nov 2022AY 2015-16

Bench: Sh. C. N. Prasaddr. B. R. R. Kumar

For Appellant: Sh. Rajiv Saxena, Adv. &For Respondent: Sh. Rajesh Kumar, CIT DR
Section 115JSection 115VSection 143(3)Section 14ASection 36Section 40

…of filing. Taxmann.com 185 dismissing with affect from SLR and confirming the 01/04/2004 deleting decision of Rajasthan High any restriction which Court reported in 84 were earlier existing in Taxmann.com 173 following the proviso and so w.ef TRF Ltd vs. CIT 323 ITR 397 01/04/2004 any SC. payment made before the due date of filing is allowable u/s 43B. It is not disputed that payments have been made before the due date of filing as depicted in tax audit report and the return. 2. It is submitted that most of the issues as mentioned above are covered by the decision of your predecessor and also 8 CO No. 83/Del/20…

Dandvati Investments & Trading Company P.Ltd, Mumbai vs. Asst CIT Cir 1(1), Mumbai

In the result, appeal by the Revenue is dismissed

ITA 1916/MUM/2014[2006-07]Status: DisposedITAT Mumbai21 Nov 2022AY 2006-07

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.3638/मुं/2012(िन.व. 2006-07) आअसं.1916/मुं/2014(िन.व. 2006-07) Dandvati Investments & Trading Company Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacd-3925-E ...... अपीलाथ"/Appellant बनाम Vs. Additional Commissioner Of Income Range 2(1) Mumbai. Aaykar Bhavan, M.K.Road, ..... "ितवाद"/Respondent Mumbai – 400 020 आअसं.3635/मुं/2012 (िन.व. 2006-07) आअसं.1915/मुं/2014 (िन.व. 2006-07) M/S. Firestorm Electronics Corporation Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacf-4730-D ...... अपीलाथ"/Appellant बनाम Vs. Assistant Commissioner Of Income Tax Circle -1(1), Mumbai.Room No.533, 5Th Floor,Aaykar Bhavan, M.K.Road, Mumbai – 400 020..... "ितवाद"/Respondent

For Appellant: Shri Yogesh Thar & Ms.Ikshu ShahFor Respondent: Shri Hoshang Boman Irani /
Section 143(3)Section 14A

…The Revenue cannot adopt two different scales for treating the income and loss from the same business activity. The ld. Authorized Representative for the assessee in support of his submissions placed reliance on the following decisions: (i) TRF Ltd. vs. CIT, 323 ITR 397(SC); (ii) CIT vs. Walfort Share and Stock Brokers Pvt. Ltd., 326 ITR 1(SC); (iii) Dr. T.A. Qureshi Vs. CIT, 287 ITR 547. 5.2 In respect of ground No.III of appeal, the ld. Authorized Representative of the assessee submits that during the period relevant to assessment year under appeal assessee had claimed foreign travel expenses to the tune of Rs…

Firestorm Electronics Corporation P.Ltd, Mumbai vs. Asst CIT Cir 1(1), Mumbai

In the result, appeal by the Revenue is dismissed

ITA 1915/MUM/2014[2006-07]Status: DisposedITAT Mumbai21 Nov 2022AY 2006-07

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.3638/मुं/2012(िन.व. 2006-07) आअसं.1916/मुं/2014(िन.व. 2006-07) Dandvati Investments & Trading Company Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacd-3925-E ...... अपीलाथ"/Appellant बनाम Vs. Additional Commissioner Of Income Range 2(1) Mumbai. Aaykar Bhavan, M.K.Road, ..... "ितवाद"/Respondent Mumbai – 400 020 आअसं.3635/मुं/2012 (िन.व. 2006-07) आअसं.1915/मुं/2014 (िन.व. 2006-07) M/S. Firestorm Electronics Corporation Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacf-4730-D ...... अपीलाथ"/Appellant बनाम Vs. Assistant Commissioner Of Income Tax Circle -1(1), Mumbai.Room No.533, 5Th Floor,Aaykar Bhavan, M.K.Road, Mumbai – 400 020..... "ितवाद"/Respondent

For Appellant: Shri Yogesh Thar & Ms.Ikshu ShahFor Respondent: Shri Hoshang Boman Irani /
Section 143(3)Section 14A

…The Revenue cannot adopt two different scales for treating the income and loss from the same business activity. The ld. Authorized Representative for the assessee in support of his submissions placed reliance on the following decisions: (i) TRF Ltd. vs. CIT, 323 ITR 397(SC); (ii) CIT vs. Walfort Share and Stock Brokers Pvt. Ltd., 326 ITR 1(SC); (iii) Dr. T.A. Qureshi Vs. CIT, 287 ITR 547. 5.2 In respect of ground No.III of appeal, the ld. Authorized Representative of the assessee submits that during the period relevant to assessment year under appeal assessee had claimed foreign travel expenses to the tune of Rs…

Dandvati Investments & Trading Company P Ltd, Mumbai vs. Addl CIT RG 2(1), Mumbai

In the result, appeal by the Revenue is dismissed

ITA 3638/MUM/2012[2006-07]Status: DisposedITAT Mumbai21 Nov 2022AY 2006-07

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.3638/मुं/2012(िन.व. 2006-07) आअसं.1916/मुं/2014(िन.व. 2006-07) Dandvati Investments & Trading Company Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacd-3925-E ...... अपीलाथ"/Appellant बनाम Vs. Additional Commissioner Of Income Range 2(1) Mumbai. Aaykar Bhavan, M.K.Road, ..... "ितवाद"/Respondent Mumbai – 400 020 आअसं.3635/मुं/2012 (िन.व. 2006-07) आअसं.1915/मुं/2014 (िन.व. 2006-07) M/S. Firestorm Electronics Corporation Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacf-4730-D ...... अपीलाथ"/Appellant बनाम Vs. Assistant Commissioner Of Income Tax Circle -1(1), Mumbai.Room No.533, 5Th Floor,Aaykar Bhavan, M.K.Road, Mumbai – 400 020..... "ितवाद"/Respondent

For Appellant: Shri Yogesh Thar & Ms.Ikshu ShahFor Respondent: Shri Hoshang Boman Irani /
Section 143(3)Section 14A

…The Revenue cannot adopt two different scales for treating the income and loss from the same business activity. The ld. Authorized Representative for the assessee in support of his submissions placed reliance on the following decisions: (i) TRF Ltd. vs. CIT, 323 ITR 397(SC); (ii) CIT vs. Walfort Share and Stock Brokers Pvt. Ltd., 326 ITR 1(SC); (iii) Dr. T.A. Qureshi Vs. CIT, 287 ITR 547. 5.2 In respect of ground No.III of appeal, the ld. Authorized Representative of the assessee submits that during the period relevant to assessment year under appeal assessee had claimed foreign travel expenses to the tune of Rs…

Firestorm Electronics Corporaiton P.Ltd, Mumbai vs. Addl CIT RG 2(1), Mumbai

In the result, appeal by the Revenue is dismissed

ITA 3635/MUM/2012[2006-07]Status: DisposedITAT Mumbai21 Nov 2022AY 2006-07

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.3638/मुं/2012(िन.व. 2006-07) आअसं.1916/मुं/2014(िन.व. 2006-07) Dandvati Investments & Trading Company Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacd-3925-E ...... अपीलाथ"/Appellant बनाम Vs. Additional Commissioner Of Income Range 2(1) Mumbai. Aaykar Bhavan, M.K.Road, ..... "ितवाद"/Respondent Mumbai – 400 020 आअसं.3635/मुं/2012 (िन.व. 2006-07) आअसं.1915/मुं/2014 (िन.व. 2006-07) M/S. Firestorm Electronics Corporation Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacf-4730-D ...... अपीलाथ"/Appellant बनाम Vs. Assistant Commissioner Of Income Tax Circle -1(1), Mumbai.Room No.533, 5Th Floor,Aaykar Bhavan, M.K.Road, Mumbai – 400 020..... "ितवाद"/Respondent

For Appellant: Shri Yogesh Thar & Ms.Ikshu ShahFor Respondent: Shri Hoshang Boman Irani /
Section 143(3)Section 14A

…The Revenue cannot adopt two different scales for treating the income and loss from the same business activity. The ld. Authorized Representative for the assessee in support of his submissions placed reliance on the following decisions: (i) TRF Ltd. vs. CIT, 323 ITR 397(SC); (ii) CIT vs. Walfort Share and Stock Brokers Pvt. Ltd., 326 ITR 1(SC); (iii) Dr. T.A. Qureshi Vs. CIT, 287 ITR 547. 5.2 In respect of ground No.III of appeal, the ld. Authorized Representative of the assessee submits that during the period relevant to assessment year under appeal assessee had claimed foreign travel expenses to the tune of Rs…

ACIT 2(1), Mumbai vs. Firestorm Electronics Corp Ltd, Mumbai

In the result, appeal by the Revenue is dismissed

ITA 3538/MUM/2012[2006-07]Status: DisposedITAT Mumbai21 Nov 2022AY 2006-07

Bench: Shri Vikas Awasthy & Shri Gagan Goyalआअसं.3638/मुं/2012(िन.व. 2006-07) आअसं.1916/मुं/2014(िन.व. 2006-07) Dandvati Investments & Trading Company Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacd-3925-E ...... अपीलाथ"/Appellant बनाम Vs. Additional Commissioner Of Income Range 2(1) Mumbai. Aaykar Bhavan, M.K.Road, ..... "ितवाद"/Respondent Mumbai – 400 020 आअसं.3635/मुं/2012 (िन.व. 2006-07) आअसं.1915/मुं/2014 (िन.व. 2006-07) M/S. Firestorm Electronics Corporation Pvt. Ltd. ‘The International’ 5Th Floor, 16, New Marine Lines Cross Road No.1, Churchgate, Mumbai – 400 020 Pan: Aaacf-4730-D ...... अपीलाथ"/Appellant बनाम Vs. Assistant Commissioner Of Income Tax Circle -1(1), Mumbai.Room No.533, 5Th Floor,Aaykar Bhavan, M.K.Road, Mumbai – 400 020..... "ितवाद"/Respondent

For Appellant: Shri Yogesh Thar & Ms.Ikshu ShahFor Respondent: Shri Hoshang Boman Irani /
Section 143(3)Section 14A

…The Revenue cannot adopt two different scales for treating the income and loss from the same business activity. The ld. Authorized Representative for the assessee in support of his submissions placed reliance on the following decisions: (i) TRF Ltd. vs. CIT, 323 ITR 397(SC); (ii) CIT vs. Walfort Share and Stock Brokers Pvt. Ltd., 326 ITR 1(SC); (iii) Dr. T.A. Qureshi Vs. CIT, 287 ITR 547. 5.2 In respect of ground No.III of appeal, the ld. Authorized Representative of the assessee submits that during the period relevant to assessment year under appeal assessee had claimed foreign travel expenses to the tune of Rs…

DCIT, Cir.-4(1), Kolkata vs. M/S Rav Dravya Pvt Ltd, Kolkata

In the result, appeal of the revenues is treated as partly allowed

ITA 103/KOL/2021[2012-13]Status: DisposedITAT Kolkata09 Nov 2022AY 2012-13

Bench: Shri Sanjay Garg, Hon’Ble & Shri Manish Borad, Hon’Blei.T.A. No. 103/Kol/2021 Assessment Year: 2012-13 Deputy Commissioner Of Income M/S. Rav Dravya Private Limited Tax, Circle-4(1), Kolkata Hastings Chambers, 2Nd Floor Vs 7/C, Kiran Shankar Roy Road Kolkata - 700001 Pan : Aabcr3154Q अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri Ravi Tulsiyan, Fca Revenue By : Md. Ghayasuddin, Cit D/R सुनवाई क" तारीख/Date Of Hearing : 06/09/2022 घोषणा क" तारीख/Date Of Pronouncement : 09/11/2022 आदेश/O R D E R Per Shri Sanjay Garg: The Present Appeal Is Directed At The Instance Of The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals) - Kolkata (Hereinafter The “Ld. Cit(A)”) Dt. 13/03/2020, Passed U/S 250 Of The Income Tax Act, 1961 (“The Act’), For Assessment Year 2012-13. 2. This Revenue’S Appeal Is Time Barred By 198 Days & The Petition Seeking Condonation Of Delay Has Been Filed Stating That The Delay In Filing Of This Appeal Was Attributable To The Restrictions Imposed Due To Covid-19 Pandemic. We Have Heard Both The Sides & Find That There Is Reasonable Cause For Delay In Filing Of The Appeal On Time. Hence We Condone The Delay & Admit The Appeal For Hearing.

For Appellant: Shri Ravi Tulsiyan, FCAFor Respondent: Md. Ghayasuddin, CIT D/R
Section 14ASection 250

…presents money lent in the ordinary course of the business of banking or money-lending which is carried on by the assessee;” Further, the Hon’ble Supreme Court in the case of TRF (T.R.F.) Limited vs. Commissioner of Income Tax, Ranchi (09.02.2010 - SC) [2010] 323 ITR 397 (SC), held that: 4. This position in law is well-settled. After 1st April, 1989, it is not necessary for the assessee to establish 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. However, in the present case, the Assessing Officer has not examined whet…

Globe Ground India Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, assessee’s appeal is allowed for statistical purposes

ITA 1479/DEL/2014[2009-10]Status: DisposedITAT Delhi30 Aug 2022AY 2009-10
For Appellant: Shri Tarandeep Singh, AdvocateFor Respondent: Shri Mahesh Shah, CIT DR
Section 143(3)Section 92CSection 92C(2)

…f bad debt was disallowed with respect to related entities on the ground that sufficient proof of their becoming bad has not been established. We find that the law in this regard has already been settled by Hon’ble Supreme Court in the case of TRF Ltd vs. CIT 323 ITR 397. The AO is directed to follow the same. 18. In the result, assessee’s appeal is allowed for statistical purposes. Order pronounced in the open court on this 30th day of August, 2022. sd/- (ASTHA CHANDRA) ACCOUNTANT MEMBER Dated the 30th day of August, 2022 TS…