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

Shree Rama Multi-Tech Ltd., Ahmedabad vs. The ACIT(OSD) Circle-8, Ahmedabad

In the result, appeal of the assessee is partly allowed

ITA 1345/AHD/2015[2009-10]Status: DisposedITAT Ahmedabad28 Jan 2022AY 2009-10

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

Section 143Section 143(3)Section 145ASection 147Section 148Section 43BSection 80I

…4. Ground number 4 relate to disallowance of provision of doubtful debt at Rs. 1540000. The appellant submitted that nomenclature is wrong and actually this is bad debt only. The appellant also relied upon Supreme Court decision in the case of TRF Ltd vs. CIT 323 ITR 397(SC). 4.2. The submissions are considered. The assessing officer was clearly noted that the assessee was asked to furnish the evidences showing that bad and doubtful debts were earlier credited in the profit and loss account and in response the assessee stated vide letter dated 01/08/2011 that bad and doubtful debts were not credited to the profit…

Shree Rama Multi-Tech Ltd., Ahmedabad vs. The Dy.CIT., Crcle-8, Ahmedabad

In the result, appeal of the assessee is partly allowed

ITA 722/AHD/2014[2000-01]Status: DisposedITAT Ahmedabad28 Jan 2022AY 2000-01

Bench: Shri Rajpal Yadav & Shri Waseem Ahmed

Section 143Section 143(3)Section 145ASection 147Section 148Section 43BSection 80I

…4. Ground number 4 relate to disallowance of provision of doubtful debt at Rs. 1540000. The appellant submitted that nomenclature is wrong and actually this is bad debt only. The appellant also relied upon Supreme Court decision in the case of TRF Ltd vs. CIT 323 ITR 397(SC). 4.2. The submissions are considered. The assessing officer was clearly noted that the assessee was asked to furnish the evidences showing that bad and doubtful debts were earlier credited in the profit and loss account and in response the assessee stated vide letter dated 01/08/2011 that bad and doubtful debts were not credited to the profit…

Deloitte Touche Tohmatsu India P. Ltd, Mumbai vs. DCIT 1(1), Mumbai

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

ITA 635/MUM/2019[2006-07]Status: DisposedITAT Mumbai24 Jan 2022AY 2006-07

Bench: Shri Rajesh Kumar & Shri Ravish Soodassessment Year: 2006-07

For Appellant: Shri Ketan Ved, A.RFor Respondent: Shri Mahendra Ahuja, Sr. Ar. CIT
Section 36(1)(vii)Section 36(2)

…the appeal of the assessee on this issue and hence the assessee is in appeal before us. 5. At the outset, the Ld. Counsel of the assessee submitted that ground No.1 is squarely covered by the decision of the Apex Court in the case of TRF Ltd. vs. CIT (2010) 323 ITR 397(SC) wherein it has been held that if the bad debts have been written off in the books of accounts as the irrecoverable, the said bad debts ought to be allowed in terms of section 36(1)(vii) of the Act. The Ld. A.R. drew our attention to the page No.177 of the paper book which is the financial statement to corroborate its claim of bad debts in the…

Excel Industries Ltd., Mumbai vs. The CIT -CC-6(3), Mumbai

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

ITA 238/MUM/2021[2016-17]Status: DisposedITAT Mumbai13 Jan 2022AY 2016-17

Bench: Shri Prashant Maharishi & Shri Pavan Kumar Gadaleexcel Industries Ltd Vs. The Cit-Cc 6(3) 184-87, Excel Estate, 19Th Floor, Air India Sv Road, Jogeshwari Bldg, Nariman Point, (West)Mumbai – 400102 Mumbai – 400 021. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaace2488F Appellant .. Respondent Appellant By : Mr.Kirit Kamdar. Ar Respondent By : Mr.Ajay Kumar. Dr Date Of Hearing 13.01.2022 Date Of Pronouncement 19.01.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of The Cit(A)-54, Mumbai Passed U/S 143(3) & 250 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal. 1. On The Facts & In The Circumstances Of The Case & In Law, The Cit(A) Erred In Confirming The Action Of The Ao In Disallowing A Sum Of Rs. 1,00,50,000/- Out Of Interest Paid Attributable To Loan To A Subsidiary. 2. On The Facts & In The Circumstances Of The Case & In Law, The Cit(A) Erred In Confirming The Action Of The Ao In Levying An Amount Of Rs. 5,42,910/- On Account Excel Industries Ltd, Mumbai. Of Interest U/S 115P For Dividend Distributed Under Section 115-O, For Which Dividend Distribution Tax Had Already Been Paid. 3. On The Facts & In The Circumstances Of The Case & In Law, The Cit(A) Erred In Not Adjudicating The Ground On Additions Made To Book Profits U/S 115Jb.

For Appellant: Mr.Kirit Kamdar. ARFor Respondent: Mr.Ajay Kumar. DR
Section 115Section 115JSection 115PSection 143(2)Section 143(3)Section 14ASection 36(1)(iii)

…ompute the disallowance u/s 14A of the Act considering the investments which yielded exempt income. On the disputed issue of disallowance of bad debts, the CIT(A) has granted relief relying on the Hon’ble Supreme Court decision in the case of TRF Ltd Vs. CIT, 323 ITR 397(SC) and directed the A.O. for the deletion. Whereas in the other grounds of appeal including disallowance of interest attributed to loan of subsidiary company the CIT(A) has confirmed the addition and dismissed the grounds of appeal and partly allowed the assessee appeal. Aggrieved by the CIT(A) order, the assessee has filed an appeal before Honb…

Asst CIT 1 (3)(2), Mumbai vs. M/S Janakalyn Sahakari Bank Ltd., Mumbai

In the result these appeals by the revenue are allowed for statistical purposes

ITA 6840/MUM/2019[2009-10]Status: DisposedITAT Mumbai06 Jan 2022AY 2009-10

Bench: Shri Shamim Yahya (Am) & Shri Amarjit Singh (Jm)

Section 143(2)Section 143(3)Section 263Section 36Section 36(1)(vii)Section 36(1)(yii)

…the reliance upon the decision in Kashmir trading Company vs DCIT and Ahmadabad Electricity Company Ltd. (supra), the decision from the Hon'ble Rajasthan High Court and Gujarat High Court are concerned, the Hon'ble Apex Court, Later on in T.R. F. Ltd. Vs. CIT 323 ITR 397(SC), considering the provision of section 36(1)(vii ), prior to April,1989 and post amendment held that the debt in fact has become irrecoverable. Mere written off in its accounts is enough, thus, following the aforesaid decision from Hon'ble Apex Court, in principle, we affirm the stand of the Ld. CIT(Appeal), resulting into dismissal of this gr…

M/S. Ws Retail Services Private Limited, Bangalore vs. Assistant Commissioner of Income Tax, Circle - 7(1)(2), Bangalore

In the result, the appeal filed by the assessee is treated as allowed for statistical purposes

ITA 1369/BANG/2019[2013-14]Status: DisposedITAT Bangalore23 Dec 2021AY 2013-14

Bench: Shri George George K. & Shri B.R. Baskaranassessment Year: 2013-14

For Appellant: Shri K.R. Vasudevan, A.RFor Respondent: Shri Pradeep Kumar, D.R

…ITA No.1369/Bang/2019 M/s. WS Retail Services Pvt. Ltd., Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’BENCH: BANGALORE BEFORE SHRI GEORGE GEORGE K., JUDICIAL MEMBER AND SHRI B.R. BASKARAN, ACCOUNTANT MEMBER Assessment Year: 2013-14 M/s. WS Retail Services Pvt. Ltd. Ozone Manay Tech Park, No.56/18 B Block 9th Floor Garvebhavipalya ACIT Vs. Hosur Road, Bangalore 560 068 Circle-7(1)(2) Bangalore PAN NO :AAACW8725F APPELLANT RESPONDENT Appellant by : Shri K.R. Vasudevan, A.R. Respondent by : Shri Pradeep Kumar, D.R. Date of Hearing : 23.12.2021 Date of Pronouncement : 23.12.2021 O R D E R PERB.R. BASKAR…

Grasim Industries Ltd vs. Addl. CIT Range 6(3)

In the result, appeal filed by the assesse and revenue are partly allowed

ITA 4753/MUM/2004[2002-03]Status: DisposedITAT Mumbai14 Dec 2021AY 2002-03

Bench: Shri Saktijit Dey, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blegrasim Industries Limited V. Addl. Cit, Range 6(3) Corporate Finance Division 5Th Floor, Room No. 505 Aditya Birla Centre “A” Wing Aayakar Bhavan 2Nd Floor, S.K. Ahire Marg, Worli Mumbai Mumbai-400025 Pan: Aaacg4464B Appellant Respondent Dy. Cit, Range 6(3), V. Grasim Industries Limited, 5Th Floor, Room No. 505, Corporate Finance Division, Aayakar Bhavan, Aditya Birla Centre, “A” Wing, Mumbai-20. 2Nd Floor, S.K. Ahire Marg Worli, Mumbai-400025 Pan: Aaacg4464B Appellant Respondent Assessee By : Shri J.D. Mistry Revenue By : Shri Sandeep Raj & Shri Vijay Kumar Menon

For Appellant: Shri J.D. MistryFor Respondent: Shri Sandeep Raj &
Section 143(3)Section 36(1)(vii)Section 43BSection 80Section 80H

…of Write off of Bad and Doubtful Debts, Ld. AR of the assessee brought to our notice that the issue in appeal has been considered by the various courts in the following cases and decided in favour of the assessee viz., Vijaya Bank [323 ITR 166 (SC)], TRF Ltd [323 ITR 397 (SC)], Arrow Coated Products Ltd [136 ITD 315 (Mum)], Jwala Prsad Tiwari [24 ITR 537 (Bom)] and Vithaldas Dhanji Bhai [130 ITR 95 (Guj)] and requested the same be adopted in the case of assessee also. Ld.DR has relied on the orders of the lower authorities. 8.1 Further, Ld AR submitted that in the instant case the assessee declared all details o…

DCIT, New Delhi vs. M/S Religare Finvest Ltd., New Delhi

In the result, appeal of the Revenue is dismissed

ITA 2559/DEL/2016[2010-11]Status: DisposedITAT Delhi10 Dec 2021AY 2010-11

Bench: Shri R.K. Panda & Shri K. Narasimha Charyassessment Year: 2010-11

For Appellant: Sh. Rohit Jain, AdvocateFor Respondent: Sh. T. Kipgan, CIT/DR
Section 143(3)Section 14A

…of the loans of Rs. 47,40,16,508/-is an actual write-off and not a provision and the same is bona fide and based on its commercial expediency of the assessee company and therefore following the decision of the Hon’ble Apex Court in the case of TRF Ltd vs. CIT 323 ITR 397, Bombay High Court in the case of DIT vs. Oman International Bank SAOG 313 ITR 128 (Bom) and Board circular No. 551 dated 23/1/1990, deleted the disallowance of Rs. 47,40,16,508/-. 7. It is the argument of the Ld. AR that the Prudential Norms are directions issued by the RBI to NBFCs, inter alia, in relation to classification of loans as good, n…

Principal Comm of Income Tax 2, Pune vs. M/S Nalco Water India Ltd (Formerly Nlc Nalco India Ltd)

The appeal is dismissed and substantial questions of law are answered

ITAT/211/2017HC Calcutta02 Dec 2021

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

Section 143(3)Section 260ASection 36(1)(vii)Section 36(2)

…prove the debt has become bad during the year. The assessee filed appeal before the Tribunal. The Tribunal has allowed the assessee’s appeal by the impugned order. The Tribunal has taken note of the decision of the Hon’ble Supreme Court in TRF LIMITED Vs. CIT 323 ITR 397 (SC) and VIJAYA BANK Vs. CIT 323 ITR 166 (SC) and held that there is no requirement for assessee to establish that the debt in fact had become bad. The learned Senior Counsel appearing for the respondent assessee pointed out that this legal position having been well settled, the CBDT has issued a circular No. Circular No. 12/2016 New Delhi, Dated…

M/S. Foretell Business Solutions Private Limited, Bangalore vs. Income Tax Officer, Ward- 3(1)(1), Bangalore

In the result, the appeal filed by the assessee stands allowed on the alternate claim

ITA 2217/BANG/2019[2016-17]Status: DisposedITAT Bangalore30 Nov 2021AY 2016-17

Bench: Shri B.R. Baskaran & Smt Beena Pillai

For Appellant: Shri Padamchand Khincha, CAFor Respondent: Addl. CIT (DR)
Section 143(3)Section 234BSection 234DSection 28Section 36(1)(vii)Section 36(2)Section 37Section 37(1)Section 37o

…120 ITR 792 (BOM.)  ACIT v. OSN Infrastructure & Projects Pvt Ltd. ITA No.346/De1/2015 dated 20.04.2018.  Shriram EPC Ltd v. DCIT 1.T.A. Nos.1604 & 1740/CHNY/2016 dated 08.01.2020  CIT v. Mysore Sugar Co. Ltd [1962] 46 1TR 649 (SC)  TRF Ltd v. CIT [2010] 323 ITR 397 (SC)  Devi Films Private Ltd v. C1T, 75 ITR 301 (Mad)  CIT v. ITC Ltd [2015] 63 taxmann.com 176 (Calcutta) 5. On the contrary, the Ld.Sr.DR relied on the orders passed by authorities below. We have perused the submissions advanced by both sides in light of records placed before us. 6. From the documents placed in the paper book at page 179 onwa…

M/S. Flair Exports Pvt. Ltd., New Delhi vs. DCIT, New Delhi

In the result, the appeal of the assessee is allowed

ITA 2286/DEL/2017[2014-15]Status: DisposedITAT Delhi24 Nov 2021AY 2014-15

Bench: Ms. Suchitra Kambledr. B. R. R. Kumar(Through Video Conferencing) Ita No. 2286/Del/2017 : Asstt. Year : 2014-15 M/S Flair Exports Pvt. Ltd., Vs Dcit, 227, Okhla Indls. Estate, Central Circle-8, Phase-3, New Delhi New Delhi (Appellant) (Respondent) Pan No. Aaacf1183A Assessee By : Sh. Pradeep Dinodia, Fca Revenue By : Sh. Javed Akhatar, Cit Dr Date Of Hearing: 12.10.2021 Date Of Pronouncement: 24.11.2021

For Appellant: Sh. Pradeep Dinodia, FCAFor Respondent: Sh. Javed Akhatar, CIT DR
Section 143(3)Section 263Section 36(1)(vii)

…T in ITA No. 7604/Del/2017 order dated 27.11.2020 with specific reference to the NSEL losses. Further, the issue of allowability and claim of bad debts has 8 Flair Exports Pvt. Ltd. been adjudicated by the Hon’ble Supreme Court in the case of TRF Ltd. vs. CIT 323 ITR 397 and also in the case of CIT Vs. Sunbeam Auto Ltd. 332 ITR 167 by the Hon’ble Jurisdictional High Court. The only reason for resorting to provisions of Section 263 by the ld. PCIT was that the CBDT has directed not to allow the bad debts in view of the recovery proceedings out of liquidation. The CBDT has also informed the field authorities that 1…

ACIT, Circle-15(1)(1), Mumbai vs. M/S. Fugro Survey India P. Ltd., Mumbai

In the result, appeal is dismissed

ITA 198/MUM/2021[2011-12]Status: DisposedITAT Mumbai23 Nov 2021AY 2011-12

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwalassessment Year: 2011-12 Asstt. Commissioner Of Income M/S Fugro Survey India Pvt. Tax, Circle-15(1)(1), Ltd., Room No. 451, 4Th Floor, Plot No. D-222/30, Aayakar Bhavan, M.K. Road, Vs. Fugro House, Ttc Industrial Mumbai - 400020 Area, Midc Nerul, Navi Mumbai - 400706 Pan: Aaacf5243R (Appellant) (Respondent) Revenue By : C T Mathew (Dr) Assessee By : Shalin Divatia (Ar) Date Of Hearing : 03/11/2021 Date Of Pronouncement: 23/11/2021

For Appellant: Shalin Divatia (AR)For Respondent: C T Mathew (DR)
Section 69C

…nough If the bad debt is written off as irrecoverable in the accounts of the appellant. In the present case, there is no doubt that the debt has been written off in the accounts of the appellant. The Hon’ble Supreme Court in the case of CIT v. TRF Ltd. (2010) 323 ITR 397 (SC) has pointed out that after the amendment of section 36(1)(vii)) of the Income-tax Act, 1961, there is no necessity for the assessee to establish that a debt has become irrecoverable and it is enough if the debt is written off as irrecoverable in the accounts of the assessee. Examination of the Schedule 18 to the financial statement of the as…

Sap India Private Limited, Bangalore vs. Commissioner Income Tax (A) Bangalore-6, Bangalore

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

ITA 683/BANG/2017[2009-10]Status: DisposedITAT Bangalore16 Nov 2021AY 2009-10

Bench: Shri N.V. Vasudevanand Shri B. R. Baskaran

For Appellant: Shri. Chavali Narayan, CAFor Respondent: Shri. Sumer Singh Meena, CIT(DR)(OSD)(ITAT), Bengaluru
Section 143(3)Section 28Section 36(1)(vii)

…e off debts as bad and claim the same as deduction and that the assessee is required to prove bonafide in respect of claiming huge amounts as bad debts. The AO also made a reference to the decision of the Hon’ble Supreme Court in the case of TRF Ltd., Vs. CIT 323 ITR 397 wherein the Hon’ble Supreme Court held that it is enough if the debts are written off as bad and irrecoverable in the books of the assesee by making accounting entries ITA Nos.682, 683/Bang/2017 Page 3 of 17 and it is not necessary for the assessee to establish that the debts have become bad. According to the AO in the aforesaid decision, the H…

Sap India Private Limited, Bangalore vs. Commissioner Income Tax (A) Bangalore-6, Bangalore

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

ITA 682/BANG/2017[2010-11]Status: DisposedITAT Bangalore16 Nov 2021AY 2010-11

Bench: Shri N.V. Vasudevanand Shri B. R. Baskaran

For Appellant: Shri. Chavali Narayan, CAFor Respondent: Shri. Sumer Singh Meena, CIT(DR)(OSD)(ITAT), Bengaluru
Section 143(3)Section 28Section 36(1)(vii)

…e off debts as bad and claim the same as deduction and that the assessee is required to prove bonafide in respect of claiming huge amounts as bad debts. The AO also made a reference to the decision of the Hon’ble Supreme Court in the case of TRF Ltd., Vs. CIT 323 ITR 397 wherein the Hon’ble Supreme Court held that it is enough if the debts are written off as bad and irrecoverable in the books of the assesee by making accounting entries ITA Nos.682, 683/Bang/2017 Page 3 of 17 and it is not necessary for the assessee to establish that the debts have become bad. According to the AO in the aforesaid decision, the H…

The Karur Vysya Bank Ltd., Karur vs. ACIT, Trichy

ITA 332/CHNY/2018[2013-14]Status: DisposedITAT Chennai03 Nov 2021AY 2013-14

Bench: Shri V. Durga Rao & Shri G. Manjunatha

For Appellant: Shri Ananthan & Ms. Abarna, CAsFor Respondent: Shri Clement Ramesh Kumar, CIT
Section 14ASection 154Section 36(1)(vii)Section 36(1)(viia)Section 36(1)(viii)Section 8D(2)(i)Section 8D(2)(iii)

…give details like full address of the borrower and PAN number. The ld.CIT(A) has deleted additions made by the AO by following the decision of Hon’ble Supreme Court in the case of TRF Ltd., vs CIT, 13 I.T.A. Nos.2762 & 2765/Chny/2017 & 332/Chny/2018 [2010] 323 ITR 397 on the ground that after amendment of section w.e.f. 01.04.1989, it would be sufficient if the debt is written off as irrecoverable in the books of accounts of the assessee. Therefore, he deleted addition made by the AO, however sustained an amount of Rs.73,92,699/- by holding that same should be adjusted against the provisions created in the boo…

The Karur Vysya Bank Ltd., Karur vs. DCIT Circle 2(1), Trichy

ITA 2765/CHNY/2017[2013-14]Status: DisposedITAT Chennai03 Nov 2021AY 2013-14

Bench: Shri V. Durga Rao & Shri G. Manjunatha

For Appellant: Shri Ananthan & Ms. Abarna, CAsFor Respondent: Shri Clement Ramesh Kumar, CIT
Section 14ASection 154Section 36(1)(vii)Section 36(1)(viia)Section 36(1)(viii)Section 8D(2)(i)Section 8D(2)(iii)

…give details like full address of the borrower and PAN number. The ld.CIT(A) has deleted additions made by the AO by following the decision of Hon’ble Supreme Court in the case of TRF Ltd., vs CIT, 13 I.T.A. Nos.2762 & 2765/Chny/2017 & 332/Chny/2018 [2010] 323 ITR 397 on the ground that after amendment of section w.e.f. 01.04.1989, it would be sufficient if the debt is written off as irrecoverable in the books of accounts of the assessee. Therefore, he deleted addition made by the AO, however sustained an amount of Rs.73,92,699/- by holding that same should be adjusted against the provisions created in the boo…

DCIT Circle 2(1), Trichy vs. The Karur Vysya Bank Ltd., Karur

ITA 2762/CHNY/2017[2013-14]Status: DisposedITAT Chennai03 Nov 2021AY 2013-14

Bench: Shri V. Durga Rao & Shri G. Manjunatha

For Appellant: Shri Ananthan & Ms. Abarna, CAsFor Respondent: Shri Clement Ramesh Kumar, CIT
Section 14ASection 154Section 36(1)(vii)Section 36(1)(viia)Section 36(1)(viii)Section 8D(2)(i)Section 8D(2)(iii)

…give details like full address of the borrower and PAN number. The ld.CIT(A) has deleted additions made by the AO by following the decision of Hon’ble Supreme Court in the case of TRF Ltd., vs CIT, 13 I.T.A. Nos.2762 & 2765/Chny/2017 & 332/Chny/2018 [2010] 323 ITR 397 on the ground that after amendment of section w.e.f. 01.04.1989, it would be sufficient if the debt is written off as irrecoverable in the books of accounts of the assessee. Therefore, he deleted addition made by the AO, however sustained an amount of Rs.73,92,699/- by holding that same should be adjusted against the provisions created in the boo…

M/S. Edelweiss Broking Limited, Ahmedabad vs. The DCIT, Circle-1(3), Ahmedabad

Appeal of the Revenue is dismissed whereas the ground of appeal of the assessee is allowed

ITA 2021/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad26 Oct 2021AY 2013-14

Bench: Shri Mahavir Prasad & Shri Wassem Ahmedआयकर अपील सं./I.T.A. No. 2021/Ahd/2017 ("नधा"रण वष" / Assessment Year: 2013-14) M/S. Edelweiss Broking Ltd. Dcit बनाम/ (On Behalf Of Amalgamating Cricle-1(3), Vs. 1St Floor, B-109, Company, Edelweiss Financial Advisors Ltd.) Pratyaksh Kar Bhavan, Nr. 801-804, 8Th Floor, Abhishree Panjrapole, Ambawadi, Avenue, Opp. Hanumanji Ahmedabad-380015 Temple, Nehrunagar, Ambawadi, Ahmedabad- 380015 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabce9421H .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Respondent: Shri Vartik Chokshi, AR
Section 40

…ble Ahmedabad ITAT in Appellant's own case for A.Y. 2008-09 (ITA No. 1531/Ahd/2011) wherein Hon'ble ITAT vide its order dated 6th November, 2015 has held as under: "5. The CIT(A) deletes this bad debts disallowance after quoting case law of TRF Ltd. Vs. CIT, 323 ITR 397 (SC) to the fact that it is not necessary to prove the same to have actually become bad as per the relevant law amended from 01.04.1989. The CIT(A) comes to latter aspect (supra). The assessee submitted in the lower appellate proceedings that it had already credited its brokerage income in profit and loss account thereby offering it for taxation.…

DCIT, Circle-1(3), Ahmedabad vs. Edelweiss Broking Ltd.(on Behalf of Amalgamating Company Edelweiss Financial Advisors Ltd.), Ahmedabad

Appeal of the Revenue is dismissed whereas the ground of appeal of the assessee is allowed

ITA 1939/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad26 Oct 2021AY 2013-14

Bench: Shri Mahavir Prasad & Shri Wassem Ahmedआयकर अपील सं./I.T.A. No. 2021/Ahd/2017 ("नधा"रण वष" / Assessment Year: 2013-14) M/S. Edelweiss Broking Ltd. Dcit बनाम/ (On Behalf Of Amalgamating Cricle-1(3), Vs. 1St Floor, B-109, Company, Edelweiss Financial Advisors Ltd.) Pratyaksh Kar Bhavan, Nr. 801-804, 8Th Floor, Abhishree Panjrapole, Ambawadi, Avenue, Opp. Hanumanji Ahmedabad-380015 Temple, Nehrunagar, Ambawadi, Ahmedabad- 380015 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aabce9421H .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Respondent: Shri Vartik Chokshi, AR
Section 40

…ble Ahmedabad ITAT in Appellant's own case for A.Y. 2008-09 (ITA No. 1531/Ahd/2011) wherein Hon'ble ITAT vide its order dated 6th November, 2015 has held as under: "5. The CIT(A) deletes this bad debts disallowance after quoting case law of TRF Ltd. Vs. CIT, 323 ITR 397 (SC) to the fact that it is not necessary to prove the same to have actually become bad as per the relevant law amended from 01.04.1989. The CIT(A) comes to latter aspect (supra). The assessee submitted in the lower appellate proceedings that it had already credited its brokerage income in profit and loss account thereby offering it for taxation.…

Jt. CIT(OSD), CC-7(1), Mumbai vs. Maneesh Pharmaceuticals Ltd, Mumbai

In the result, these appeals by the Revenue stand dismissed

ITA 36/MUM/2019[2010-11]Status: DisposedITAT Mumbai25 Oct 2021AY 2010-11
Section 10BSection 133ASection 143(3)Section 153ASection 68

…of accounts. Therefore, the conditions of Sec. 36(1)(vii) r.w.s. 36(2) were duly fulfilled and the claim was allowable in terms of CBDT Circular No.12/2016 dated 30/05/2016 which has been issued after considering Hon'ble Apex Court's decision in TRF Limited (323 ITR 397; 09/02/2010). Therefore finding no infirmity in impugned order on this issue, we dismiss this ground of revenue's appeal.” 13. Accordingly in the background of the aforesaid decision and precedent, we do not find any infirmity in the order of learned CIT(A). Apropos issue of finished goods written off :- 14. As detailed above in the order of l…