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. Metrochem Industriesltd., Ahmedabad vs. The ACIT., (OSD)-I, Range-4, Ahmedabad

In the result, the appeals of Revenue and appeals/cross objection of the assessee allowed/ dismissed as under:

ITA 606/AHD/2011[2006-07]Status: DisposedITAT Mumbai31 Mar 2022AY 2006-07

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-1999 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1St Floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 The Acit, Cir-4, Ahmedabad, Metrochem Industries Ltd., Navjivan Trust Bldg. Off. Ashram Vs. 505/506, Suryarath, Nr. Panchvati Road, Ellisbridge, Ahmedabad. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent M/S Metrochem Industries Ltd., Assessment Year: 2003-04 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income Tax, 505-506, Surya Rath, Nr. Vs. Circle-4, Panchwati, Ellisbridge, Ahmedabad. Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2003-04 Dy. Commissioner Of Income Tax, M/S Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath, Nr. Navjivan Trust Bldg. Off. Ashram Panchwati, Ellisbridge, Road, Ahmedabad-380 006. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2004-05 Dy. Commissioner Of Income Tax Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath Building, B/H, Navjeevan Building Ashram Road, White House, Panchwati, Ahmedabad. Ambawati, Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Co No. 50/Ahd/2008 (Ita No. 87/Ahd/2008) Assessment Year: 2004-05 Metrochem Industries Ltd., Dy. Commissioner Of Income Tax 505-506, Surya Rath Building, Vs. Circle-4, B/H, White House, Panchwati Navjeevan Building Ashram Road, Ellisbridge, Ahmedabad. Ahmedabad-06 Pan No. Aabcm 8019 K

Section 115JSection 244ASection 245Section 80H

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) Assessment Year: 1998-1999 M/s Metrochem Industries Ltd., Dy. Commissioner of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1st floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. PAN No. AABCM 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. PAN No. AABCM 8019 K Appellant Responde…

M/S. Metrochem Industriesltd., Ahmedabad vs. The ACIT., (OSD)-I, Range-4, Ahmedabad

In the result, the appeals of Revenue and appeals/cross objection of the assessee allowed/ dismissed as under:

ITA 1076/AHD/2011[2007-08]Status: DisposedITAT Mumbai31 Mar 2022AY 2007-08

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-1999 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1St Floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 The Acit, Cir-4, Ahmedabad, Metrochem Industries Ltd., Navjivan Trust Bldg. Off. Ashram Vs. 505/506, Suryarath, Nr. Panchvati Road, Ellisbridge, Ahmedabad. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent M/S Metrochem Industries Ltd., Assessment Year: 2003-04 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income Tax, 505-506, Surya Rath, Nr. Vs. Circle-4, Panchwati, Ellisbridge, Ahmedabad. Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2003-04 Dy. Commissioner Of Income Tax, M/S Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath, Nr. Navjivan Trust Bldg. Off. Ashram Panchwati, Ellisbridge, Road, Ahmedabad-380 006. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2004-05 Dy. Commissioner Of Income Tax Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath Building, B/H, Navjeevan Building Ashram Road, White House, Panchwati, Ahmedabad. Ambawati, Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Co No. 50/Ahd/2008 (Ita No. 87/Ahd/2008) Assessment Year: 2004-05 Metrochem Industries Ltd., Dy. Commissioner Of Income Tax 505-506, Surya Rath Building, Vs. Circle-4, B/H, White House, Panchwati Navjeevan Building Ashram Road, Ellisbridge, Ahmedabad. Ahmedabad-06 Pan No. Aabcm 8019 K

Section 115JSection 244ASection 245Section 80H

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) Assessment Year: 1998-1999 M/s Metrochem Industries Ltd., Dy. Commissioner of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1st floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. PAN No. AABCM 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. PAN No. AABCM 8019 K Appellant Responde…

The DCIT, Circle-4, Ahmedabad vs. Metrochem Industries Ltd., Ahmedabad

In the result, the appeals of Revenue and appeals/cross objection of the assessee allowed/ dismissed as under:

ITA 87/AHD/2008[2004-05]Status: DisposedITAT Mumbai31 Mar 2022AY 2004-05

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-1999 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1St Floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 The Acit, Cir-4, Ahmedabad, Metrochem Industries Ltd., Navjivan Trust Bldg. Off. Ashram Vs. 505/506, Suryarath, Nr. Panchvati Road, Ellisbridge, Ahmedabad. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent M/S Metrochem Industries Ltd., Assessment Year: 2003-04 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income Tax, 505-506, Surya Rath, Nr. Vs. Circle-4, Panchwati, Ellisbridge, Ahmedabad. Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2003-04 Dy. Commissioner Of Income Tax, M/S Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath, Nr. Navjivan Trust Bldg. Off. Ashram Panchwati, Ellisbridge, Road, Ahmedabad-380 006. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2004-05 Dy. Commissioner Of Income Tax Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath Building, B/H, Navjeevan Building Ashram Road, White House, Panchwati, Ahmedabad. Ambawati, Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Co No. 50/Ahd/2008 (Ita No. 87/Ahd/2008) Assessment Year: 2004-05 Metrochem Industries Ltd., Dy. Commissioner Of Income Tax 505-506, Surya Rath Building, Vs. Circle-4, B/H, White House, Panchwati Navjeevan Building Ashram Road, Ellisbridge, Ahmedabad. Ahmedabad-06 Pan No. Aabcm 8019 K

Section 115JSection 244ASection 245Section 80H

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) Assessment Year: 1998-1999 M/s Metrochem Industries Ltd., Dy. Commissioner of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1st floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. PAN No. AABCM 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. PAN No. AABCM 8019 K Appellant Responde…

M/S. Metrochem Industries Limited, Ahmedabad vs. The Dy.CIT., Circle-4, Ahmedabad

In the result, the appeals of Revenue and appeals/cross objection of the assessee allowed/ dismissed as under:

ITA 2594/AHD/2008[1998-1999]Status: DisposedITAT Mumbai31 Mar 2022AY 1998-1999

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-1999 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1St Floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 The Acit, Cir-4, Ahmedabad, Metrochem Industries Ltd., Navjivan Trust Bldg. Off. Ashram Vs. 505/506, Suryarath, Nr. Panchvati Road, Ellisbridge, Ahmedabad. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent M/S Metrochem Industries Ltd., Assessment Year: 2003-04 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income Tax, 505-506, Surya Rath, Nr. Vs. Circle-4, Panchwati, Ellisbridge, Ahmedabad. Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2003-04 Dy. Commissioner Of Income Tax, M/S Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath, Nr. Navjivan Trust Bldg. Off. Ashram Panchwati, Ellisbridge, Road, Ahmedabad-380 006. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2004-05 Dy. Commissioner Of Income Tax Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath Building, B/H, Navjeevan Building Ashram Road, White House, Panchwati, Ahmedabad. Ambawati, Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Co No. 50/Ahd/2008 (Ita No. 87/Ahd/2008) Assessment Year: 2004-05 Metrochem Industries Ltd., Dy. Commissioner Of Income Tax 505-506, Surya Rath Building, Vs. Circle-4, B/H, White House, Panchwati Navjeevan Building Ashram Road, Ellisbridge, Ahmedabad. Ahmedabad-06 Pan No. Aabcm 8019 K

Section 115JSection 244ASection 245Section 80H

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) Assessment Year: 1998-1999 M/s Metrochem Industries Ltd., Dy. Commissioner of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1st floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. PAN No. AABCM 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. PAN No. AABCM 8019 K Appellant Responde…

M/S. Metrochem Industries Limited, Ahmedabad vs. The Dy.CIT., Circle-4, Ahmedabad

In the result, the appeals of Revenue and appeals/cross objection of the assessee allowed/ dismissed as under:

ITA 2140/AHD/2008[2005-06]Status: DisposedITAT Mumbai31 Mar 2022AY 2005-06

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-1999 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1St Floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 The Acit, Cir-4, Ahmedabad, Metrochem Industries Ltd., Navjivan Trust Bldg. Off. Ashram Vs. 505/506, Suryarath, Nr. Panchvati Road, Ellisbridge, Ahmedabad. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent M/S Metrochem Industries Ltd., Assessment Year: 2003-04 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income Tax, 505-506, Surya Rath, Nr. Vs. Circle-4, Panchwati, Ellisbridge, Ahmedabad. Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2003-04 Dy. Commissioner Of Income Tax, M/S Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath, Nr. Navjivan Trust Bldg. Off. Ashram Panchwati, Ellisbridge, Road, Ahmedabad-380 006. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2004-05 Dy. Commissioner Of Income Tax Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath Building, B/H, Navjeevan Building Ashram Road, White House, Panchwati, Ahmedabad. Ambawati, Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Co No. 50/Ahd/2008 (Ita No. 87/Ahd/2008) Assessment Year: 2004-05 Metrochem Industries Ltd., Dy. Commissioner Of Income Tax 505-506, Surya Rath Building, Vs. Circle-4, B/H, White House, Panchwati Navjeevan Building Ashram Road, Ellisbridge, Ahmedabad. Ahmedabad-06 Pan No. Aabcm 8019 K

Section 115JSection 244ASection 245Section 80H

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) Assessment Year: 1998-1999 M/s Metrochem Industries Ltd., Dy. Commissioner of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1st floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. PAN No. AABCM 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. PAN No. AABCM 8019 K Appellant Responde…

The DCIT, Circle-4, Ahmedabad vs. M/S. Metrochem Industries Limited, Ahmedabad

In the result, the appeals of Revenue and appeals/cross objection of the assessee allowed/ dismissed as under:

ITA 788/AHD/2007[2003-04]Status: DisposedITAT Mumbai31 Mar 2022AY 2003-04

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-1999 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1St Floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 The Acit, Cir-4, Ahmedabad, Metrochem Industries Ltd., Navjivan Trust Bldg. Off. Ashram Vs. 505/506, Suryarath, Nr. Panchvati Road, Ellisbridge, Ahmedabad. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent M/S Metrochem Industries Ltd., Assessment Year: 2003-04 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income Tax, 505-506, Surya Rath, Nr. Vs. Circle-4, Panchwati, Ellisbridge, Ahmedabad. Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2003-04 Dy. Commissioner Of Income Tax, M/S Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath, Nr. Navjivan Trust Bldg. Off. Ashram Panchwati, Ellisbridge, Road, Ahmedabad-380 006. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2004-05 Dy. Commissioner Of Income Tax Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath Building, B/H, Navjeevan Building Ashram Road, White House, Panchwati, Ahmedabad. Ambawati, Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Co No. 50/Ahd/2008 (Ita No. 87/Ahd/2008) Assessment Year: 2004-05 Metrochem Industries Ltd., Dy. Commissioner Of Income Tax 505-506, Surya Rath Building, Vs. Circle-4, B/H, White House, Panchwati Navjeevan Building Ashram Road, Ellisbridge, Ahmedabad. Ahmedabad-06 Pan No. Aabcm 8019 K

Section 115JSection 244ASection 245Section 80H

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) Assessment Year: 1998-1999 M/s Metrochem Industries Ltd., Dy. Commissioner of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1st floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. PAN No. AABCM 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. PAN No. AABCM 8019 K Appellant Responde…

M/S. Metrochem Industries Limited, Ahmedabad vs. The Dy.CIT., Circle-4, Ahmedabad

In the result, the appeals of Revenue and appeals/cross objection of the assessee allowed/ dismissed as under:

ITA 66/AHD/2007[2003-04]Status: DisposedITAT Mumbai31 Mar 2022AY 2003-04

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-1999 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1St Floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 The Acit, Cir-4, Ahmedabad, Metrochem Industries Ltd., Navjivan Trust Bldg. Off. Ashram Vs. 505/506, Suryarath, Nr. Panchvati Road, Ellisbridge, Ahmedabad. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent M/S Metrochem Industries Ltd., Assessment Year: 2003-04 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income Tax, 505-506, Surya Rath, Nr. Vs. Circle-4, Panchwati, Ellisbridge, Ahmedabad. Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2003-04 Dy. Commissioner Of Income Tax, M/S Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath, Nr. Navjivan Trust Bldg. Off. Ashram Panchwati, Ellisbridge, Road, Ahmedabad-380 006. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2004-05 Dy. Commissioner Of Income Tax Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath Building, B/H, Navjeevan Building Ashram Road, White House, Panchwati, Ahmedabad. Ambawati, Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Co No. 50/Ahd/2008 (Ita No. 87/Ahd/2008) Assessment Year: 2004-05 Metrochem Industries Ltd., Dy. Commissioner Of Income Tax 505-506, Surya Rath Building, Vs. Circle-4, B/H, White House, Panchwati Navjeevan Building Ashram Road, Ellisbridge, Ahmedabad. Ahmedabad-06 Pan No. Aabcm 8019 K

Section 115JSection 244ASection 245Section 80H

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) Assessment Year: 1998-1999 M/s Metrochem Industries Ltd., Dy. Commissioner of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1st floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. PAN No. AABCM 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. PAN No. AABCM 8019 K Appellant Responde…

M/S. Metrochem Industries Limited, Ahmedabad vs. The Income Tax Officer, Wrd-4(2), Ahmedabad

In the result, the appeals of Revenue and appeals/cross objection of the assessee allowed/ dismissed as under:

ITA 764/AHD/2005[2001-02]Status: DisposedITAT Mumbai31 Mar 2022AY 2001-02

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-1999 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1St Floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 The Acit, Cir-4, Ahmedabad, Metrochem Industries Ltd., Navjivan Trust Bldg. Off. Ashram Vs. 505/506, Suryarath, Nr. Panchvati Road, Ellisbridge, Ahmedabad. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent M/S Metrochem Industries Ltd., Assessment Year: 2003-04 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income Tax, 505-506, Surya Rath, Nr. Vs. Circle-4, Panchwati, Ellisbridge, Ahmedabad. Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2003-04 Dy. Commissioner Of Income Tax, M/S Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath, Nr. Navjivan Trust Bldg. Off. Ashram Panchwati, Ellisbridge, Road, Ahmedabad-380 006. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2004-05 Dy. Commissioner Of Income Tax Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath Building, B/H, Navjeevan Building Ashram Road, White House, Panchwati, Ahmedabad. Ambawati, Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Co No. 50/Ahd/2008 (Ita No. 87/Ahd/2008) Assessment Year: 2004-05 Metrochem Industries Ltd., Dy. Commissioner Of Income Tax 505-506, Surya Rath Building, Vs. Circle-4, B/H, White House, Panchwati Navjeevan Building Ashram Road, Ellisbridge, Ahmedabad. Ahmedabad-06 Pan No. Aabcm 8019 K

Section 115JSection 244ASection 245Section 80H

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) Assessment Year: 1998-1999 M/s Metrochem Industries Ltd., Dy. Commissioner of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1st floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. PAN No. AABCM 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. PAN No. AABCM 8019 K Appellant Responde…

The ACIT, Circle-4, Ahmedabad vs. M/S. Metrochem Industries Limited, Ahmedabad

In the result, the appeals of Revenue and appeals/cross objection of the assessee allowed/ dismissed as under:

ITA 1190/AHD/2005[2001-02]Status: DisposedITAT Mumbai31 Mar 2022AY 2001-02

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 1998-1999 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1St Floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2001-02 The Acit, Cir-4, Ahmedabad, Metrochem Industries Ltd., Navjivan Trust Bldg. Off. Ashram Vs. 505/506, Suryarath, Nr. Panchvati Road, Ellisbridge, Ahmedabad. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent M/S Metrochem Industries Ltd., Assessment Year: 2003-04 M/S Metrochem Industries Ltd., Dy. Commissioner Of Income Tax, 505-506, Surya Rath, Nr. Vs. Circle-4, Panchwati, Ellisbridge, Ahmedabad. Ahmedabad-380 006. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2003-04 Dy. Commissioner Of Income Tax, M/S Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath, Nr. Navjivan Trust Bldg. Off. Ashram Panchwati, Ellisbridge, Road, Ahmedabad-380 006. Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Assessment Year: 2004-05 Dy. Commissioner Of Income Tax Metrochem Industries Ltd., Circle-4, Vs. 505-506, Surya Rath Building, B/H, Navjeevan Building Ashram Road, White House, Panchwati, Ahmedabad. Ambawati, Ahmedabad. Pan No. Aabcm 8019 K Appellant Respondent Co No. 50/Ahd/2008 (Ita No. 87/Ahd/2008) Assessment Year: 2004-05 Metrochem Industries Ltd., Dy. Commissioner Of Income Tax 505-506, Surya Rath Building, Vs. Circle-4, B/H, White House, Panchwati Navjeevan Building Ashram Road, Ellisbridge, Ahmedabad. Ahmedabad-06 Pan No. Aabcm 8019 K

Section 115JSection 244ASection 245Section 80H

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “D” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND MS. KAVITHA RAJAGOPAL (JUDICIAL MEMBER) Assessment Year: 1998-1999 M/s Metrochem Industries Ltd., Dy. Commissioner of Income 505-506, While House, Panchwati, Vs. Tax, Circle-4, Ahmedabad-380 006. 112, 1st floor, Avjivan Trust Bldg. Ashram Road, Ahmedabad-14. PAN No. AABCM 8019 K Appellant Respondent Assessment Year: 2001-02 Metrochem Industries Ltd., The Income Tax Officer Ward 4(2), 505/506, Suryarath, Nr. Vs. Ahmedabad. Panchvati Ellisbridge, Ahmedabad-380 006. PAN No. AABCM 8019 K Appellant Responde…

Gujarat State Land Development Corporation Ltd., Gandhinagar vs. The Dy.CIT, Gandhinagar Circle, Gandhinagar

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 2631/AHD/2015[2009-10]Status: DisposedITAT Ahmedabad30 Mar 2022AY 2009-10

Bench: Ms. Suchitra Kamble & Shri Bhagirath Mal Biyani

For Appellant: Ms. Arti N. Shah, A.RFor Respondent: Shri Mohd. Usman, CIT D.R
Section 143(3)Section 148Section 36(1)(v)Section 40A(7)

…be viewed as bad debts should be eligible to claim write-off of principal Assessment Year: 2009-10 Page 4 of 4 loan amount. The Ld. A.R. at the time of hearing also relied upon the decision of Hon’ble Apex Court in the case of T.R.F. Limited vs. CIT (2010) 190 Taxmann 391 (SC). Thus, in the present case the treatment of written-off loans needs to be verified in light of the Profit & Loss Account. Therefore, we are remanding back this issue to the file of the Assessing Officer for proper adjudication after considering the observations made in the earlier and subsequent Assessment Years by the Tribunal. Needless…

The ACIT, Central-Ujjain, Indore vs. M/S Arihant Capitals Markets Ltd, Indore

ITA 11/IND/2021[2014-15]Status: DisposedITAT Indore21 Mar 2022AY 2014-15

Bench: Shri Mahavir Prasad, Judicialmember & Shri Manish Boradvirtual Hearing &

Section 143(3)Section 147Section 36Section 36(1)(ii)Section 37(1)Section 68Section 69C

…2014-15 dated 05.02.2019. 4.4.8 Therefore, in view of the above discussion and also in view of the above judicial cases including that of the Honourable Jurisdictional ITAT and also that of the Honourable Apex Court in the case of M/s TRF Ltd. V/s CIT (2010) 323 ITR 397 (SC) and also circular no. 12/2016 issued by the Central Board of Direct Taxes, the disallowance made by the AO on account of bad debts amounting to Rs. 1,93,91,871/- is Deleted. Therefore, appeal on this ground is Allowed. 10. From perusal of the above findings of the Ld. CIT(A), we find that there is no dispute that the amount due from NSEL wa…

The ACIT, Central - Ujjain, Indore vs. M/S Arihant Future & Commadities Ltd, Indore

ITA 10/IND/2021[2014-15]Status: DisposedITAT Indore21 Mar 2022AY 2014-15

Bench: Shri Mahavir Prasad, Judicialmember & Shri Manish Boradvirtual Hearing &

Section 143(3)Section 147Section 36Section 36(1)(ii)Section 37(1)Section 68Section 69C

…2014-15 dated 05.02.2019. 4.4.8 Therefore, in view of the above discussion and also in view of the above judicial cases including that of the Honourable Jurisdictional ITAT and also that of the Honourable Apex Court in the case of M/s TRF Ltd. V/s CIT (2010) 323 ITR 397 (SC) and also circular no. 12/2016 issued by the Central Board of Direct Taxes, the disallowance made by the AO on account of bad debts amounting to Rs. 1,93,91,871/- is Deleted. Therefore, appeal on this ground is Allowed. 10. From perusal of the above findings of the Ld. CIT(A), we find that there is no dispute that the amount due from NSEL wa…

ITO, Ward- 17(1), New Delhi vs. Monnet Industries Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 1731/DEL/2018[2008-09]Status: DisposedITAT Delhi17 Mar 2022AY 2008-09

Bench: Shri Kul Bharat & Shri Pradip Kumar Kedia

For Appellant: NoneFor Respondent: Shri Bhopal Singh, Sr.D.R
Section 143(3)Section 245Section 36(1)(vii)Section 36(2)

…as weii as Hon'ble High Court. As can be seen from the order of Hon'ble ITAT, specific directions were given to AO by remanding the matter back to his file to examine the matter in the light of decision of Hon’ble Supreme Court in the case of TRF Ltd. vs CIT 323 ITR 397 after providing opportunity of hearing to the assessee. Similar directions were given by Hon'ble High Court to examine and verify whether the I.T.A. No.1731/DEL/2018 3 amounts written off actually credited in terms of section 36(2) of the Act. However, as reflected from the assessment order, AO has examined the issue on each and every aspect, ex…

ACIT Circle-2 (1)(1), Mumbai vs. M/S Madura Garments Lifestyle Retail Co. Ltd (Now Merged With Aditya Birla Finance Ltd), Mumbai

In the result, the appeal of the Revenue is dismissed whereas the appeal of the assessee is partly allowed for statistical purposes

ITA 96/MUM/2020[2014-15]Status: DisposedITAT Mumbai16 Mar 2022AY 2014-15

Bench: Shri Om Prakash Kant () & Shri Amarjit Singh () Assessment Year: 2014-15 Acit, Circle-2(1)(1), M/S Madura Garments Lifestyle Room No. 561, 5Th Floor, Aayakar Vs. Retail Co. Ltd. (Now Merged With Bhavan, M.K. Road, Aditya Birla Finance Ltd.), Mumbai-400020. 18Th Floor, One Indiabulls Centre, Tower-1, Senapati Bapat Marg, Elphinstone Road, Mumbai-400013. Pan No. Aafcm 0483 M Appellant Respondent Assessment Year: 2014-15 Aditya Birla Finance Ltd., Dy. Cit Circle-2(1)(1), (Successor Of M/S Madura Vs. Room No. 561, 5Th Floor, Aayakar Garments & Lifestyle Retail Bhavan, M.K. Road, Company Ltd.) Mumbai-400020. 18Th Floor, One Indiabulls Centre, Tower-1, Senapati Bapat Marg, Elphinstone Road, Mumbai-400013. Pan No. Aafcm 0483 M Appellant Respondent Assessee By : Mr. Yogesh Thar & Mr. Jishaan Jain, Ars Revenue By : Mr. S.N. Kabra, Dr Date Of Hearing : 22/02/2022 Date Of Pronouncement : 16/03/2022

For Appellant: Mr. Yogesh Thar &For Respondent: Mr. S.N. Kabra, DR
Section 14ASection 37(1)

…n respect of above mentioned expenses. The assessee also could not justify how these expenses were related to the business of the assessee. It is also important to point out M/s Aditya Birla Finance Ltd. that the Hon'ble Apex Court in case of TRF Ltd. vs CIT 323 ITR 397 (SC) has held that for claiming credit of bad debt written off or irrecoverable u/s 36(1)(vii). The assessee had to fulfil following conditions:  The debt should be written off in the books of accounts.  It must have been declared as income in the books of account of the assessee in earlier years. Appellant had failed to provide any evidence re…

Hba Studio Pvt. Ltd., New Delhi vs. DCIT, Circle- 11(1), New Delhi

Appeal is allowed

ITA 4015/DEL/2018[2014-15]Status: DisposedITAT Delhi15 Mar 2022AY 2014-15

Bench: Sh. Anil Chaturvedi & Sh. Anubhav Sharmam/S. Hba Studio Pvt. Ltd. Vs. Dcit, L-41, Connaught Circus, Circle-11(1), New Delhi-110001 New Delhi Pan – Aabch8171R (Appellant) (Respondent)

Section 143(3)Section 250(6)Section 28Section 37(1)

…Bom.HC) to contend that advances lost towards procurement of stock in trade in the hands of the taxpayer in the course of business would be allowable as business expense. Ld. Counsel specifically referred to the judgment in the case of TRF Ltd. vs. CIT (2010) 323 ITR 397 to contend that the assessee is not required to prove that the amounts have become irrecoverable in the light of amendment in Section 36 (1)(vii) of the Act with effect from 01.04.1999. 6. On behalf of the revenue it was contended that the orders of lower tax authorities have no infirmity and are based on correct appreciation of facts and law. 7…

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

ITA 8046/MUM/2019[2011-12]Status: DisposedITAT Mumbai07 Mar 2022AY 2011-12
For Appellant: Sri.R A Dhyani. Sr. DRFor Respondent: Sri.Gunjan Kakkad.AR
Section 115JSection 143(1)Section 143(2)Section 143(3)

…Para 5.The Ld. AR supported the submissions and observations of the CIT(A) and relied on the judicial decisions. We find the CIT(A) has dealt on the facts of the issue relying on the decision of the Hon’ble Supreme Court in the case of TRF Ltd Vs. CIT, [2010] 323 ITR 397 (SC). The observations of the CIT(A) at page 5 Para 4.2 are as under: This ground relates to disallowance of Bad Debts of Rs.17,86,898/-. The assessee company has claimed gross bad debts of Rs.17,86,8981- for the period from 01.04.2010 to 31.03.2011. The AC in the assessment order has opined that it cannot be so claimed as the assessee company h…

Gujarat State Land Development Corporation Ltd., Gandhinagar vs. The Dy.CIT, Gandhinagar Circle, Gandhinagar

Appeal is allowed

ITA 2632/AHD/2015[2012-13]Status: DisposedITAT Ahmedabad23 Feb 2022AY 2012-13
For Appellant: Ms. Arti N. Shah, A.RFor Respondent: Shri Mohd Usman, CIT/DR
Section 250(6)

…t and loss account was to be allowed as bad debts written off since the interest had been returned as income of the assessee in earlier years. In this regard, Reliance was placed on the decision of the Hon’ble Apex Court in the case of TRF Ltd. vs. CIT (2010) 323 ITR 397 (SC) and also the CBDT Circular 12/2016 allowing claim of bad debts. Vis-à-vis amount of principal written off., Ld. Counsel for the assessee contended that the same be allowed as business loss since the assesee was in the business of granting loan to farmers and the portion of the loan which had become irrecoverable was to be allowed as business…

Gujarat State Land Development Corporation Ltd., Gandhinagar vs. The Dy.CIT, Gandhinagar Circle, Gandhinagar

Appeal is allowed

ITA 2630/AHD/2015[2008-09]Status: DisposedITAT Ahmedabad23 Feb 2022AY 2008-09
For Appellant: Ms. Arti N. Shah, A.RFor Respondent: Shri Mohd Usman, CIT/DR
Section 250(6)

…t and loss account was to be allowed as bad debts written off since the interest had been returned as income of the assessee in earlier years. In this regard, Reliance was placed on the decision of the Hon’ble Apex Court in the case of TRF Ltd. vs. CIT (2010) 323 ITR 397 (SC) and also the CBDT Circular 12/2016 allowing claim of bad debts. Vis-à-vis amount of principal written off., Ld. Counsel for the assessee contended that the same be allowed as business loss since the assesee was in the business of granting loan to farmers and the portion of the loan which had become irrecoverable was to be allowed as business…

Gujarat State Land Development Corporation Ltd., Gandhinagar vs. The Dy.CIT, Gandhinagar Circle, Gandhinagar

Appeal is allowed

ITA 2538/AHD/2014[2011-12]Status: DisposedITAT Ahmedabad23 Feb 2022AY 2011-12
For Appellant: Ms. Arti N. Shah, A.RFor Respondent: Shri Mohd Usman, CIT/DR
Section 250(6)

…t and loss account was to be allowed as bad debts written off since the interest had been returned as income of the assessee in earlier years. In this regard, Reliance was placed on the decision of the Hon’ble Apex Court in the case of TRF Ltd. vs. CIT (2010) 323 ITR 397 (SC) and also the CBDT Circular 12/2016 allowing claim of bad debts. Vis-à-vis amount of principal written off., Ld. Counsel for the assessee contended that the same be allowed as business loss since the assesee was in the business of granting loan to farmers and the portion of the loan which had become irrecoverable was to be allowed as business…

DCIT, Chennai vs. Odyssey Technologies Ltd., Chennai

The appeal stand dismissed in terms of our above order

ITA 893/CHNY/2016[2002-03]Status: DisposedITAT Chennai21 Feb 2022AY 2002-03

Bench: Hon’Ble Shri Mahavir Singh & Hon’Ble Shri Manoj Kumar Aggarwal, Am

For Appellant: Shri N. Arjunraj (CA) – Ld. ARFor Respondent: Shri P. Sajit Kumar (JCIT) –Ld. DR
Section 143(1)Section 143(3)Section 148Section 36(1)(vii)

…आयकर अपीलीय अिधकरण ‘बी’ "ायपीठ चे"ई म"। IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, CHENNAI माननीय -ी महावीर िसंह, उपा34 एवं माननीय -ी मनोज कुमार अ9वाल ,लेखा सद< के सम4। BEFORE HON’BLE SHRI MAHAVIR SINGH, VICE PRESIDENT AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM आयकरअपीलसं./ITA No. 893/Chny/2016 (िनधाEरणवषE / Assessment Year: 2002-03) Income Tax Officer M/s. Odyssey Technologies Ltd. बनाम/ Arjay Apex Centre, 2nd Floor Company Ward -5(1), 121, Uthamar Gandhi Salai, New No. 51 (Old No. 24), Vs. Chennai – 600 034. College Road, Chennai – 600 006. "थायीलेखासं./जीआइआरसं./PAN/GIR No. AAACO-1055-A (अपीलाथ"/Appellan…