TRF Ltd. v. CIT

Commissioner of Income-Tax-III vs. Samara India Pvt. Ltd

…n made by the Assessing Officer in respect of the advance rent of Rs 33,82,289/- which had been written off by the assessee, in his profit and loss account, as irrecoverable. 7. Following the decision of the Supreme Court in the case of the T.R.F Ltd. v. CIT: 323 ITR 397(SC), the Tribunal held that pendency of the civil suit was not a bar on writing off the debt if in the opinion of the assessee its probability of recovery was remote. The Tribunal did not accept the view of the CIT (Appeals) that writing off advance rent was not permissible since the assessee was pursuing the suit for recovery of the said amount.…

Commissioner of Income Tax-VI vs. Times Business Solution Ltd

The appeal is dismissed

…so sought to be raised by the learned counsel for the revenue before us. However, we find that the Commissioner of Income Tax (Appeals) has adequately addressed this issue by placing reliance on the Supreme Court decision in the case of T.R.F. Limited v. CIT: 323 ITR 397(SC) wherein the Supreme Court clearly held that after the amendment which took effect from 01.04. 1989, it was not necessary for the assessee to establish that a debt, in fact, had become irrecoverable. The Supreme Court further observed that it was enough if the bad debts were written off as irrecoverable in the accounts of the assessee. There i…

CIT vs. Esconet Services Ltd

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE R.V.EASWAR

…of the debtor in the books of the assessee. Once the factual position is admitted/ accepted, the ITA 261/2012 Page 3 of 3 challenge by the Revenue must fail in view of the decision of the Supreme Court in T.R.F. Limited v. CIT, (2010) 323 ITR 397 (SC). We do not think under the above circumstances, that any question of law arises for consideration. The appeal is accordingly, dismissed with no order as to costs. R.V.EASWAR, J SANJIV KHANNA, J MAY 21, 2012 vld…

Commissioner of Income Tax vs. Auto Pins India Ltd

The appeal is disposed of without any order as to costs

…ITA 500/2009 Page 1 of 7 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 500/2009 COMMISSIONER OF INCOME TAX ..... Appellant Through Mr. Sanjeev Sabharwal, sr. standing counsel. versus AUTO PINS INDIA LTD. ..... Respondent Through Mr. Ved Jain and Mr. Ashish Aggarwal, Advocates. CORAM: HON'BLE MR. JUSTICE SANJIV KHANNA HON'BLE MR. JUSTICE R.V.EASWAR O R D E R % 09.04.2012…

CIT vs. Prasad & Co

The appeal is dismissed without any order as to costs

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE R.V.EASWAR

…ount u/s 36(1)(vii). Ground No.1 of the assessee is allowed.” 9. It is not disputed by the Revenue that the aforesaid amount has been written off in the books of account of the respondent-assessee. 10. The Supreme Court in T.R.F. Ltd. Vs. CIT (2010) 323 ITR 397 (SC), has held that after 1st April, 1989, it is not necessary for the assessee to establish that the debt, in fact, has become irrecoverable. It has been held that it is enough if the bad debit is written off in the ITA 219/2011 Page 9 of 10 books of accounts of the ass…

CIT vs. Vanord Acz India Pvt Ltd

Appeal is dismissed on this ground

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

…come recoverable for obtaining a deduction in relation to a bad debt. It is sufficient for the assessee to write off the same as recoverable in the accounts of the assessee. This ir :q held by the Supreme Court in T.R,F, Ltd. Vs. Cbmrnission'er af Income-Tax, 323 ITR 397 : ITA No. 587|2OLL &.97412OLL Page 4 of 7 +. "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 O…

CIT vs. Vanord Acz India Pvt Ltd

Appeal is dismissed on this ground

…come recoverable for obtaining a deduction in relation to a bad debt. It is sufficient for the assessee to write off the same as recoverable in the accounts of the assessee. This ir :q held by the Supreme Court in T.R,F, Ltd. Vs. Cbmrnission'er af Income-Tax, 323 ITR 397 : ITA No. 587|2OLL &.97412OLL Page 4 of 7 +. 2011:DHC:11946-DB "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 cas…

Commissioner Ofincome Tax vs. Jindal Stainless Limited

…nt that the AO had added an amount of `38,59,820/- on the ground that doubtful debts and advances were not allowable under Section 36(1)(vii) of the Act. However, the Supreme Court recently in the case of T.R.F. Ltd. Vs. Commissioner of Income Tax (2010) 323 ITR 397 (SC) has held that after 01st April, 1989, it is not necessary for the assessee to establish under Section 36(1)(vii) that the debt had become irrecoverable. To claim deduction under Section 36(1)(vii), it was enough if the bad debt is written off by the assessee as irrecoverable in its accounts. Consequently, in view of the aforesaid judg…