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“Section 36(2)”

Section References (mined)Section 36Section 36(2)440 judgments

The decision most relied on for Section 36(2) is CIT v. Reliance Utilities & Power Ltd. (313 ITR 340), cited in 2,118 judgments on BharatTax.

Leading authorities on Section 36(2)

CIT v. Reliance Utilities & Power Ltd.
313 ITR 340 · 2009 · High Court
2,118
citing judgments

Where an assessee claims that investments were made out of own funds, interest disallowance under Section 14A read with Rule 8D may not apply if the assessee demonstrates the availability of sufficient interest-free funds to cover such investments.

CIT v. AIMIL Ltd.
321 ITR 508 · 2010 · High Court
1,629
citing judgments

Employee contributions to PF and ESIC, deposited beyond the due date under the respective Acts but within the due date for filing the income tax return under Section 139(1), are allowable deductions under Section 36(1)(va). Such disallowance cannot be made during processing under Section 143(1).

Checkmate Services Pvt. Ltd. v. CIT
143 Taxmann.com 178 · 2022 · Supreme Court
1,392
citing judgments

Employee contributions to provident fund and ESI deposited by an employer beyond the due dates prescribed under the respective special Acts are not allowable as a deduction under section 36(1)(va) of the Income-tax Act, 1961. Such disallowance can be made during processing under section 143(1).

CIT v. Alom Extrusions Ltd.
319 ITR 306 · 2009 · Supreme Court
1,344
citing judgments

A proviso inserted into a section to remedy unintended consequences, make the section workable, or supply an obvious omission must be read retrospectively in operation to give effect to the section as a whole.

CIT v. Gujarat State Road Transport Corporation
366 ITR 170 · 2014 · High Court
1,158
citing judgments

Employees' contributions to welfare funds, such as provident fund, are not allowable as a deduction under section 36(1)(va) if deposited beyond the due date prescribed under the respective welfare statutes, even by a single day. Such delayed deposits are not cured even if made before the income-tax return filing due date.

TRF Ltd. v. CIT
323 ITR 397 · 2010 · Supreme Court
714
citing judgments

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.

279 ITR 331/149 Taxman 15 (Guj.); 5. CIT v. Sabari Enterprises
298 ITR 141 · 2008 · High Court
706
citing judgments

Employee contributions to provident fund or ESI, even if deposited after the due date specified in the respective welfare statutes, are allowable as a deduction under Section 36(1)(va) if paid before the due date for filing the income-tax return. This judgment aligns the treatment of employee contributions with employer contributions under Section 43B.

(i) CIT v. Merchem Ltd.
378 ITR 443 · 2015 · High Court
631
citing judgments

Belated remittance of employees' contribution to ESI and PF, even if deposited before the due date for filing the return of income under Section 139(1), is not allowed as a deduction. This disallowance falls under Section 36(1)(va) read with Section 2(24)(x), as Section 43B applies only to employer's contributions.

Judgments citing Section 36(2)

Futura Polyesters Ltd., Mumbai vs. CIT 5 (1), Mumbai

In the result, the appeals of the assessee for AY 2011-12 and 2014-15

ITA 7023/MUM/2019[2011-12]Status: DisposedITAT Mumbai21 Jun 2022AY 2011-12
Section 14A

THE INCOME TAX APPELLATE TRIBUNAL “F” Bench, Mumbai Shri B.R. Baskaran (AM) & Shri Kuldip Singh (JM) I.T.A. No. 7023/Mum/2019 (A.Y

Assistant Commissioner of Income Tax, Circle- 1, Davanagere vs. M/S. Davangere District Central Co-Operative Bank Limited, Davanagere

In the result, the appeal of the Revenue is treated as allowed for statistical purpose

ITA 1403/BANG/2019[2011-12]Status: DisposedITAT Bangalore17 Jun 2022AY 2011-12

Bench: Shri N.V. Vasudevan & Ms. Padmavathy Sassessment Year : 2011-12 Acit, Vs. M/S. Davangere District Central Co-Op Bank Circle – 1, Limited, Davangere. Janatha Bazar Complex, Behind City Municipality, Davangere. Pan : Aaatd 6617 N Appellant Respondent Revenue By : Shri. Sanjay Kumar S. K, Cit(Dr)(Itat), Bengaluru. Assessee By : Shri. Suresh Muthukrishnan, Ca Date Of Hearing : 16.06.2022 Date Of Pronouncement : 17.06.2022 O R D E R Per N. V. Vasudevanthis Is An Appeal By The Revenue Against The Order Dated 27.03.2019 Of Cit(A), Davangere, Relating To Assessment Year 2011-12. 2. The Grounds Of Appeal Raised By The Revenue Reads As Follows:

For Appellant: Shri. Suresh Muthukrishnan, CAFor Respondent: Shri. Sanjay Kumar S. K, CIT(DR)(ITAT), Bengaluru
Section 36Section 36(2)Section 64

this regard: “8a. I have carefully perused the order of the AO and the submissions made by the appellant. A conjoint reading of Section 36(2) and Section 36(i)(vii) makes it clear that the assessee would be entitled to a deduction of the amount of any bad debt

Enstage Software Private Limited, Bengaluru vs. Deputy Commissioner of Income Tax, Circle-2(1)(1), Bangalore

The appeal of the assessee is partly allowed

ITA 260/BANG/2021[2016-17]Status: DisposedITAT Bangalore13 Jun 2022AY 2016-17

Bench: Smt. Beena Pillai & Ms. Padmavathy Sit(Tp)A No.260/Bang/2021 Assessment Year : 2016-17 M/S. Enstage Software Private Limited, Dcit (Exemptions), Vs. 16/1, Wings, 2Nd Floor, Circle – 2(1)(1), Cambridge Road, Halsuru, Bengaluru. Bengaluru – 560 008. Pan : Aaace 9963 B Appellant Respondent

For Appellant: Smt. Tanmayee Rajkumar, AdvocateFor Respondent: Smt. Susan Dolores George, CIT(OSD)(DR)(ITAT), Bengaluru
Section 143(3)Section 92(1)Section 92B(1)Section 92C

still outstanding; and (ii) the Assessee has not established that the amounts were disclosed as income in the previous years as required under Section 36(2) of the Act. 23. The ld AR reiterated the submissions made before the lower authorities. The ld AR also submitted that the amount

Eat India Pvt Ltd., Mumbai vs. ITO 4(1)(4), Mumbai

In the result, the appeal of the assessee is allowed

ITA 915/MUM/2020[2015-16]Status: DisposedITAT Mumbai08 Jun 2022AY 2015-16

Bench: Shri M Balaganesh, Am & Shri Pavan Kumar Gadale, Jm The Cit (A) -9 Eat India Private Limited 6Th Floor, Aayakar Bhavan, 2, Silk House, Silk Bazar, M.K. Road, 630, Jss Road, Vs. Mumbai-400 002 Mumbai-400 020 (Respondent) (Appellant) Pan No. Aaace1868M Assessee By : Shri Jigar Mehta, Ar Revenue By : Shri S.G. Mehta, Dr Date Of Hearing: 31.05.2022 Date Of Pronouncement : 08.06.2022

For Appellant: Shri Jigar Mehta, ARFor Respondent: Shri S.G. Mehta, DR
Section 143(3)Section 194CSection 36(2)

ledger accounts produced before the ld. AO. Hence income has been duly offered to tax by the assessee in terms of section 36(2) of the Act in earlier years. It is not in dispute that the assessee had duly written off the irrecoverable portion of the debts ... authorities ought to have appreciated the substance of the transaction than its form. Since income is already offered to tax in terms of section 36(2) of the Act in earlier years, the irrecoverable portion which is written off in the books becomes an allowable deduction as bad debts

Mr.Santosh S Lad, Bangalore vs. The Deputy Commissioner of Income Tax Central Circle-2(3), Bangalore

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

ITA 1298/BANG/2018[2013-14]Status: DisposedITAT Bangalore06 Jun 2022AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2013-14

For Appellant: Shri Narendra Sharma, A.RFor Respondent: Smt. Priyadarshini Basaganni, D.R

opinion, the assessee has not satisfied the condition laid down in section 36(1)(vii) r.w.s. 36(2) of the Act. As per section 36(2) of the Act, deduction shall not be allowed unless such debt or part there of has been taken into account in computing the income

M/S. Model Infra Corporation Private Limited, Bangalore vs. Assistant Commissioner of Income Tax, Circle- 1(1), Bangalore

In the result, the appeal filed by assessee stands partly allowed

ITA 11/BANG/2020[2009-10]Status: DisposedITAT Bangalore01 Jun 2022AY 2009-10

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2009-10 M/S. Model Infra Corporation Pvt. Ltd., The Assistant No. 6, Second Floor, Smk Commissioner Of Chambers, Income Tax, First A Main Road, Circle – 1(1), Yelahanka New Town, Vs. Bangalore. Bangalore – 560 064. Pan: Aadcm7125J Appellant Respondent Assessee By : Shri Nitish Ranjan, Ca : Shri Priyadarshi Mishra, Revenue By Addl. Cit (Dr) Date Of Hearing : 29-03-2022 Date Of Pronouncement : 01-06-2022 Order Per Beena Pillaipresent Appeal Arises Out Of Order Dated 25.10.2019 Passed By Ld.Cit(A)-4, Bangalore For A.Y. 2009-10 On Following Grounds Of Appeal: Tax Effect Relating Grounds Of Appeal To Each Ground Of Appeal The Order Of The Ld. Commissioner Of Income- 1. Tax (Appeals) Is Opposed To Law, Facts & Na - Circumstances Of The Case.

For Appellant: Shri Nitish Ranjan, CA
Section 36Section 36(2)

debtors 6. were not verifiable and that their irrecoverability was not established by the Appellant. This is contrary to the provision of section 36(2) of the Act. The Ld. Assessing Officer has erred in law and on facts in arbitrarily disallowing a 7. sum of Rs.2 ... that the genuineness was not substantiated by the Appellant. This 9. requirement of the Ld. Assessing Officer is contrary to the provision of section 36(2) of the Act. The Ld. CIT(A) has erred in confirming the action of the Ld.Assessing Officer. Page 3 of 16 The Ld. Assessing

The Karnataka Bank Ltd, Mangaluru vs. Deputy Commissioner of Income Tax, Circle-2(1), Mangaluru

In the result, the appeal filed by the Revenue is dismissed and the appeal of the assessee is partly allowed

ITA 1907/BANG/2018[2014-15]Status: DisposedITAT Bangalore26 May 2022AY 2014-15

Bench: Shri N.V. Vasudevan & Shri B.R. Baskaranthe Karnataka Bank Ltd. Dcit, Circle - 2(1) Head Office, Mahaveera Circle Mangalore Vs. Kankanady Mangalore 575002 Pan – Aabct5589K Appellant Respondent Dcit, Circle – 2(1) The Karnataka Bank Ltd. Mangalore Head Office, Mahaveera Circle Vs. Kankanady Mangalore 575002 Pan – Aabct5589K Appellant Respondent Assessee By: Shri S. Ananthan, Ca & Smt. Lalitha Rameswaran, Ca Revenue By: Shri Mudavathu Harish Chandra Naik, Ca Date Of Hearing: 22.03.2022 Date Of Pronouncement: 26.05.2022 O R D E R Per: B.R. Baskaran, A.M. These Cross Appeals Are Directed Against The Order Dated 27-03-2018 Passed By Ld Cit(A), Mangaluru & They Relate To The Assessment Year 2014-15. 2. The Assessee Is A Banking Company Carrying On Banking Business. The Karnataka Bank Ltd.

For Appellant: Shri S. Ananthan, CA &For Respondent: Shri Mudavathu Harish
Section 14A

section 36(1) (viia) of the Act. The provisions of section 36(1)(vii) of the Act are subject to the provisions of section 36(2) of the Act. The clause (v) of section 36(2) of the Act provides that the assessee, to which section 36(1)(viia ... debts account made under clause (viia) of section 36(1) and referred to in proviso to clause (vii) of section 36(1) and section 36(2)(v) applies to all types of advances, whether rural or other advances. It has also been interpreted that there are separate accounts in respect

Frost & Sullivan (India) P.Ltd, Chennai vs. DCIT (OSD) 8(1), Mumbai

In the result, the appeal filed by the assessee is treated as allowed and the appeal of the revenue is dismissed

ITA 1124/MUM/2014[2009-10]Status: DisposedITAT Mumbai11 May 2022AY 2009-10
Section 143(3)Section 144C(13)Section 36(1)(vii)Section 40

THE INCOME TAX APPELLATE TRIBUNAL “K” Bench, Mumbai Shri B.R. Baskaran (AM) & Shri Kuldip Singh (JM) I.T.A. No. 1124/Mum/2014 (A.Y

DCIT 1(3)(2), Mumbai vs. Maharashtra State Co Op Agricultural Rural Multipurpose Developement Bank Ltd, Mumbai

In the result, the appeal of the assesse is partly allowed for statistical purposes while for the appeal of the revenue stand dismissed

ITA 2962/MUM/2017[2012-13]Status: DisposedITAT Mumbai06 May 2022AY 2012-13

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhailmaharashtra State Co- Vs. Dcit-(Osd)-1 Op, Agricultural Rural Aayakar Bhavan, Multipurpose M.K. Road, Development Bank Ltd. Mumbai – 400 020 15-A, Morvi Lane, Chowpatty, Girgaum, Mumbai – 400 007 "थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaaam9669E Appellant .. Respondent Dcit-1(3)(2) Vs. M/S Maharashtra State R. No. 540, 5Th Floor Co-Op, Agricultural Rural Aayakar Bhavan, Multipurpose M.K. Road, Development Bank Ltd. Mumbai – 400 020 15-A, Morvi Lane, Chowpatty, Girgaum, Mumbai – 400 007 "थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaaam9669E Appellant .. Respondent

For Appellant: Ruturaj GurjarFor Respondent: Salil Mishra
Section 143(2)Section 143(3)Section 14ASection 36(1)(viia)Section 80PSection 80P(2)(a)

debt. The Hon’ble court held that bad debt written off u/s 36(1)(vii) is subject to satisfaction of condition contained in Section 36(2) of the Act. In the light of the above facts and findings it is observed that during the course of assessment the assessee

Maharashtra State Co Op Agricultural Rural Multipurpose Developement Bank Ltd, Mumbai vs. DCIT (OSD) 1, Mumbai

In the result, the appeal of the assesse is partly allowed for statistical purposes while for the appeal of the revenue stand dismissed

ITA 2171/MUM/2017[2012-13]Status: DisposedITAT Mumbai06 May 2022AY 2012-13

Bench: Shri Amarjit Singh & Shri Sandeep Singh Karhailmaharashtra State Co- Vs. Dcit-(Osd)-1 Op, Agricultural Rural Aayakar Bhavan, Multipurpose M.K. Road, Development Bank Ltd. Mumbai – 400 020 15-A, Morvi Lane, Chowpatty, Girgaum, Mumbai – 400 007 "थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaaam9669E Appellant .. Respondent Dcit-1(3)(2) Vs. M/S Maharashtra State R. No. 540, 5Th Floor Co-Op, Agricultural Rural Aayakar Bhavan, Multipurpose M.K. Road, Development Bank Ltd. Mumbai – 400 020 15-A, Morvi Lane, Chowpatty, Girgaum, Mumbai – 400 007 "थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaaam9669E Appellant .. Respondent

For Appellant: Ruturaj GurjarFor Respondent: Salil Mishra
Section 143(2)Section 143(3)Section 14ASection 36(1)(viia)Section 80PSection 80P(2)(a)

debt. The Hon’ble court held that bad debt written off u/s 36(1)(vii) is subject to satisfaction of condition contained in Section 36(2) of the Act. In the light of the above facts and findings it is observed that during the course of assessment the assessee

Pranava Electronics P Ltd, Bangalore vs. Deputy Commissioner of Income Tax, Circle-12(2), Bangalore

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

ITA 415/BANG/2015[2010-11]Status: DisposedITAT Bangalore06 Apr 2022AY 2010-11

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year: 2010-11

For Appellant: Shri K.R. Pradeep, Advocate and Ms. Girija, AdvocateFor Respondent: Shri Priyadarshini Mishra, Addl. CIT
Section 115JSection 14Section 14ASection 234BSection 37(1)

IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL

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

assessee was that both principal and interest should be allowed for write off in terms of section36(1)(vii) read with section 36(2) of the Act or section 28 of the Act. The assessing officer held that assessee company was not registered with the Reserve Bank of India ... profit and loss account of earlier years or current year and therefore condition laid down in section 36(1)(vi) read with section 36(2) are also not satisfied. Before the Ld. CIT(A), the assessee contended that carrying out financial transactions and deriving M/s Metrochem Industries Ltd., should

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

assessee was that both principal and interest should be allowed for write off in terms of section36(1)(vii) read with section 36(2) of the Act or section 28 of the Act. The assessing officer held that assessee company was not registered with the Reserve Bank of India ... profit and loss account of earlier years or current year and therefore condition laid down in section 36(1)(vi) read with section 36(2) are also not satisfied. Before the Ld. CIT(A), the assessee contended that carrying out financial transactions and deriving M/s Metrochem Industries Ltd., should

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

assessee was that both principal and interest should be allowed for write off in terms of section36(1)(vii) read with section 36(2) of the Act or section 28 of the Act. The assessing officer held that assessee company was not registered with the Reserve Bank of India ... profit and loss account of earlier years or current year and therefore condition laid down in section 36(1)(vi) read with section 36(2) are also not satisfied. Before the Ld. CIT(A), the assessee contended that carrying out financial transactions and deriving M/s Metrochem Industries Ltd., should

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

assessee was that both principal and interest should be allowed for write off in terms of section36(1)(vii) read with section 36(2) of the Act or section 28 of the Act. The assessing officer held that assessee company was not registered with the Reserve Bank of India ... profit and loss account of earlier years or current year and therefore condition laid down in section 36(1)(vi) read with section 36(2) are also not satisfied. Before the Ld. CIT(A), the assessee contended that carrying out financial transactions and deriving M/s Metrochem Industries Ltd., should

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

assessee was that both principal and interest should be allowed for write off in terms of section36(1)(vii) read with section 36(2) of the Act or section 28 of the Act. The assessing officer held that assessee company was not registered with the Reserve Bank of India ... profit and loss account of earlier years or current year and therefore condition laid down in section 36(1)(vi) read with section 36(2) are also not satisfied. Before the Ld. CIT(A), the assessee contended that carrying out financial transactions and deriving M/s Metrochem Industries Ltd., should

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

assessee was that both principal and interest should be allowed for write off in terms of section36(1)(vii) read with section 36(2) of the Act or section 28 of the Act. The assessing officer held that assessee company was not registered with the Reserve Bank of India ... profit and loss account of earlier years or current year and therefore condition laid down in section 36(1)(vi) read with section 36(2) are also not satisfied. Before the Ld. CIT(A), the assessee contended that carrying out financial transactions and deriving M/s Metrochem Industries Ltd., should

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

assessee was that both principal and interest should be allowed for write off in terms of section36(1)(vii) read with section 36(2) of the Act or section 28 of the Act. The assessing officer held that assessee company was not registered with the Reserve Bank of India ... profit and loss account of earlier years or current year and therefore condition laid down in section 36(1)(vi) read with section 36(2) are also not satisfied. Before the Ld. CIT(A), the assessee contended that carrying out financial transactions and deriving M/s Metrochem Industries Ltd., should

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

assessee was that both principal and interest should be allowed for write off in terms of section36(1)(vii) read with section 36(2) of the Act or section 28 of the Act. The assessing officer held that assessee company was not registered with the Reserve Bank of India ... profit and loss account of earlier years or current year and therefore condition laid down in section 36(1)(vi) read with section 36(2) are also not satisfied. Before the Ld. CIT(A), the assessee contended that carrying out financial transactions and deriving M/s Metrochem Industries Ltd., should

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

assessee was that both principal and interest should be allowed for write off in terms of section36(1)(vii) read with section 36(2) of the Act or section 28 of the Act. The assessing officer held that assessee company was not registered with the Reserve Bank of India ... profit and loss account of earlier years or current year and therefore condition laid down in section 36(1)(vi) read with section 36(2) are also not satisfied. Before the Ld. CIT(A), the assessee contended that carrying out financial transactions and deriving M/s Metrochem Industries Ltd., should