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“Section 36(1)(vi)”

Section References (mined)Section 36Section 36(1)(vi)45 judgments

The decision most relied on for Section 36(1)(vi) is CIT v. Infosys Technologies Ltd. (297 ITR 167), cited in 115 judgments on BharatTax.

Leading authorities on Section 36(1)(vi)

CIT v. Infosys Technologies Ltd.
297 ITR 167 · 2008 · Supreme Court
115
citing judgments

Allotment of shares to employees under an Employee Stock Option Plan (ESOP) before April 1, 2000, is not a taxable perquisite if the benefit's value is unascertainable at the time of option exercise due to conditions like a lock-in period.

Nirmala L. Mehta v. A. Balasubramaniam, CIT
269 ITR 1 · 2004 · High Court
108
citing judgments

There can be no estoppel against the statute, meaning tax cannot be levied or collected without express authority of law. An appellate authority may adjudicate additional claims or legal contentions to ensure the correct tax liability is determined.

Judgments citing Section 36(1)(vi)

DCIT Corporate Circle 2(2), Chennai vs. Idfc Limited, Chennai

In the result, the appeal filed by the assessee in ITA

ITA 878/CHNY/2018[2010-11]Status: DisposedITAT Chennai30 Sept 2024AY 2010-11

Bench: Shri Aby T. Varkey & Shri Jagadishआयकर अपील सं./Ita No.877/Chny/2018 & 677/Chny/2020 िनधा&रण वष& /Assessment Years: 2010-11

For Appellant: Shri Farookh V. Irani, AdvocateFor Respondent: Shri A. Sasikumar, CIT
Section 14ASection 36(1)Section 36(1)(vi)Section 36(1)(vii)

deduction under section 36(1)(vii) of the Act without appreciating the fact that the Appellant is eligible to claim deduction under section 36(1)(vi) of the Act and which has been examined and allowed by the assessing officer. 2.2 The learned CIT(A) has erred in ignoring ... 1TAT has stated that the interest or debenture is eligible for deduction subject to satisfaction of conditions under Explanation h to section 36(1) (vi) (refer para 28 on page 33 of Annexure 4. Thus, as all the conditions are satisfied, interest on debentures should be included to arrive

Idfc Limited, Chennai vs. DCIT Company Circle II(3), Chennai

ITA 877/CHNY/2018[2010-11]Status: DisposedITAT Chennai30 Sept 2024AY 2010-11

Bench: Shri Aby T. Varkey & Shri Jagadishआयकर अपील सं./Ita No.877/Chny/2018 & 677/Chny/2020 निर्धारण वर्ष / Assessment Years: 2010-11 Idfc Limited, (Erstwhile Known As Infrastructure Vs. Income Tax, Development Finance Company Circle-Ii(3), Limited), Krm Tower, 8Th Floor, No.1, Harrington Road, Chetpet, Chennai – 600 031. Pan: Aaaci 2663N (अपीलार्थी/Appellant) The Dy. Commissioner Of Chennai. (प्रत्यर्थी/Respondent) आयकर अपील सं./ Ita No.878/Chny/2018 निर्धारण वर्ष / Assessment Year: 2010-11 The Dy. Commissioner Of Income Tax, Corporate Circle-2(2), Chennai Idfc Limited, (Erstwhile Known As Infrastructure Development Finance Company Vs. Limited), Krm Tower, 8Th Floor, No.1, Harrington Road, Chetpet, Chennai – 600 031. Pan: Aaaci 2663N अपीलार्थी की ओर से / Assessee By प्रत्यर्थी की ओर से /Revenue By सुनवाई की तारीख /Date Of Hearing : Shri Farookh V. Irani, Advocate : Shri A. Sasikumar, Cit : 23.07.2024 घोषणा की तारीख / Date Of Pronouncement : 30.09.2024

Section 14ASection 36(1)Section 36(1)(vi)Section 36(1)(vii)Section 36(1)(viia)

deduction under section 36(1)(vii) of the Act without appreciating the fact that the Appellant is eligible to claim deduction under section 36(1)(vi) of the Act and which has been examined and allowed by the assessing officer. 2.2 The learned CIT(A) has erred in ignoring ... ITAT has stated that the interest or debenture is eligible for deduction subject to satisfaction of conditions under Explanation h to section 36(1) (vi) (refer para 28 on page 33 of Annexure 4. Thus, as all the conditions are satisfied, interest on debentures should be included to arrive

Export Import Bank of India, Mumbai vs. The Principal Commissioner of Income Tax, Mumbai-3, Mumbai

In the result, the appeal of the assessee is allowed

ITA 2918/MUM/2024[2019-2020]Status: DisposedITAT Mumbai23 Sept 2024AY 2019-2020

Bench: Shri Amarjit Singh, Hon’Ble & Shri Anikesh Banerjee, Hon’Bleassessment Year: 2019-20 Export Import Bank Of India Pcit, Mumbai-3, Mumbai World Trade Centre Complex, Vs Centre One Building, Floor 21, Colaba S.O., Mumbai-400005. Pan: Aaace 2769 D (Appellant) (Respondent)

For Appellant: Ms. Aarti VissanjiFor Respondent: Shri Solgy Jose T. Kottaram, CIT, DR
Section 115JSection 143(3)Section 154Section 155(18)Section 263Section 90

assessee has written off bad debts of Rs. 19,12,96,10,120/- as irrecoverable in its profit and loss account. b. Section 36(1)(vi) of the Act provides for deduction of the amount of any bad debt or part thereof which is written off as irrecoverable

Dy. Commissioner of Income Tax, Circle- 1(1), Hyderabad vs. Union Bank of India, Hyderabad

In the result, the appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

ITA 1230/HYD/2017[2012-13]Status: DisposedITAT Hyderabad28 Aug 2024AY 2012-13

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.1018/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2012-13) Andhra Bank Vs. Dy. C. I. T. Hyderabad Circle 1(1) Pan:Aabca7375C Hyderabad (Appellant) (Respondent) आ.अपी.सं /Ita No.1230/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2012-13 ) Dy. C. I. T. Vs. Andhra Bank Circle 1(1) Hyderabad Hyderabad Pan:Aabca7375C (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri Ananthan, Ca राज" व "ारा/Revenue By:: Shri Kumar Pranav, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 02/07/2024 घोषणा की तारीख/Pronouncement: 28/08/2024 आदेश/Order Per Manjunatha, G. A.M These Cross Appeals Filed By The Assessee, As Well As The Revenue, Are Directed Against The Order Dated 16/02/2016 Of Page 1 Of 59

For Appellant: Shri Ananthan, CAFor Respondent: : Shri Kumar Pranav, CIT(DR)
Section 36(1)(vi)Section 36(1)(vii)Section 36(1)(viia)Section 41(4)

permissible under the provisions of the Act. Further, Tribunal held that assessee had also not written off the NPAs as bad debts under Section 36(1)(vi) of the Act. Therefore, there was no question of writing off such interest as a bad debt. 9. In the hearing today, learned

Union Bank of India, Hyderabad vs. Dy. Commissisoner of Income Tax, Circle-1(1), Hyderabad

In the result, the appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

ITA 1018/HYD/2017[2012-13]Status: DisposedITAT Hyderabad28 Aug 2024AY 2012-13

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.1018/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2012-13) Andhra Bank Vs. Dy. C. I. T. Hyderabad Circle 1(1) Pan:Aabca7375C Hyderabad (Appellant) (Respondent) आ.अपी.सं /Ita No.1230/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2012-13 ) Dy. C. I. T. Vs. Andhra Bank Circle 1(1) Hyderabad Hyderabad Pan:Aabca7375C (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri Ananthan, Ca राज" व "ारा/Revenue By:: Shri Kumar Pranav, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 02/07/2024 घोषणा की तारीख/Pronouncement: 28/08/2024 आदेश/Order Per Manjunatha, G. A.M These Cross Appeals Filed By The Assessee, As Well As The Revenue, Are Directed Against The Order Dated 16/02/2016 Of Page 1 Of 59

For Appellant: Shri Ananthan, CAFor Respondent: : Shri Kumar Pranav, CIT(DR)
Section 36(1)(vi)Section 36(1)(vii)Section 36(1)(viia)Section 41(4)

permissible under the provisions of the Act. Further, Tribunal held that assessee had also not written off the NPAs as bad debts under Section 36(1)(vi) of the Act. Therefore, there was no question of writing off such interest as a bad debt. 9. In the hearing today, learned

P vs. Multiplex (India) Ltd., Meerutvs.ACIT, Circle- 2, Meerut

The appeal of the assessee stands dismissed

ITA 7697/DEL/2018[2008-09]Status: DisposedITAT Delhi22 Jul 2024AY 2008-09

Bench: Shri Vikas Awasthy & Shri Avdhesh Kumar Mishra

Section 143(3)Section 154Section 263Section 36(1)(vi)Section 80I

impugned order decided the appeal on merit. Before the CIT(A), there were two issues; namely, (i) the disallowance of interest expenses under section 36(1)(vi) and (ii) the disallowance of deduction of Rs.4,62,485/- claimed under section 80IB(7A) of the Act. The CIT(A) deleted ... disallowance of interest expenses under section 36(1)(vi) of the Act and confirmed the disallowance of deduction of Rs.4,62,485/- under section 80IB(7A) of the Act relatable to the interest income and income on sale of the shop on the reasoning that neither capital gains on sale

Union Bank of India, Mumbai vs. DCIT, Cir - (Ltu)-2, Mumbai

In the result, appeal filed by the assessee is allowed

ITA 1439/MUM/2023[2013-14]Status: DisposedITAT Mumbai13 Mar 2024AY 2013-14

Bench: Shri Pavan Kumar Gadale, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

Section 36Section 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 36(1)(vila)

banking company, certain conditions are prescribed which are in addition to the non-banking companies. 1. As per first proviso to section 36(1)(vi) - in the case of an assessee to which clause (viia) applies, the amount of the deduction relating to any such debt or part thereof shall

E-Oriental Bank of Commerce( Now Amalgamated With Punjab National Bank- Pnb), New Delhi vs. ACIT Special Range-07, New Delhi

In the result, appeal of the assessee is allowed

ITA 849/DEL/2023[2017-18]Status: DisposedITAT Delhi20 Feb 2024AY 2017-18

Bench: Shri N.K. Billaiya & Ms. Astha Chandraasstt. Year: 2017-18 E-Oriental Bank Of Commerce Vs. Acit, (Now Amalgamated With Special Range-07 Punjab National Bank-Pnb) New Delhi. Punjab National Bank, Finance Division Plot No. 4, Sector Dwarka, New Delhi- 110 075 Pan Aaaco0191M (Appellant) (Respondent)

For Appellant: Shri K.V.S.R. Krishna, CAFor Respondent: Shri T. James Singson, CIT-DR
Section 143(3)Section 36(1)Section 36(1)(vii)Section 36(1)(viia)Section 36(1)(vila)

INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “B”: NEW DELHI BEFORE SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER AND MS. ASTHA CHANDRA, JUDICIAL

M/S. Small Industries Development Bank of India, Mumbai vs. DCIT 3(3)(2), Mumbai

In the result, the appeal of the assessee is allowed

ITA 1778/MUM/2023[2010-11]Status: DisposedITAT Mumbai05 Sept 2023AY 2010-11

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2010-11 Small Industries Development Dcit Circle-3(3)(2), Bank Of India, Aaykar Bhavan, Sme Development Centre C-11, Vs. Maharshi Karve Road, G-Block, Bandra Kurla Complex Mumbai-400020. Bandra East, Mumbai-400051. Pan No. Aabcs 3480 N Appellant Respondent

For Appellant: Ms. Vinita ShahFor Respondent: Mr. Kishor Dhule, CIT-DR
Section 143(3)Section 263Section 36Section 36(1)(viii)

IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G” MUMBAI BEFORE SHRI OM PRAKASH KANT (ACCOUNTANT MEMBER) AND SHRI PAVAN

M/S Rajasthan Rajya Vidyut Prasaran Nigam Ltd., Vidyut Bhawan, Jan Path, Jyoti Nagar, Jaipur vs. DCIT, Circle-6, Jaipur

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

ITA 261/JPR/2023[2015-16]Status: DisposedITAT Jaipur24 Aug 2023AY 2015-16

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri P.C. Parwal (C.A.)For Respondent: Shri James Kurian (CIT)
Section 115JSection 142(1)Section 147

dated 03.10.2019 the assessee was requiredto justify the allowability of the same. In response to the same the assessee has replied as under- "section 36(1)(vi) of Income tax Act, 1961 provides deduction in respect of bad & doubtful debts written off. Thus whenever a debts is written

Shri Rajkot Distt. Co. Op. Bank Ltd., Rajkot-Gujarat vs. The Asstt. Commr. of Income Tax, Circle-1(2), Rajkot-Gujarat

In the result, the appeal of the assessee is allowed

ITA 288/RJT/2018[2014-15]Status: DisposedITAT Rajkot19 Jul 2023AY 2014-15

Bench: Shri Annapurna Gupta (Accountant Member), Shri Siddhartha Nautiyal (Judicial Member)

For Appellant: Shri D.M. Rindani, Ld. A.RFor Respondent: Shri B.D. Gupta, Ld. Sr. D.R
Section 250Section 30(1)(viii)Section 35(1)(viii)Section 36(1)(vi)Section 36(1)(viii)

IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH, RAJKOT [CONDUCTED THROUGH VIRTUAL COURT] Before: Shri Annapurna Gupta, Accountant Member And

Yes Bank Limited, Mumbai vs. DCIT - 2(2)(2), Mumbai

In the result, both the appeals of the Revenue and assessee he appeals of the Revenue and assessee are allowed partly for statistical purposes

ITA 3501/MUM/2018[2014-15]Status: DisposedITAT Mumbai30 Jun 2023AY 2014-15

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2014-15 Dcit-2(2)(2), M/S Yes Bank Ltd., Room No. 545, 5Th Floor, 9Th Floor, Nehru Centre, Discovery Of Vs. Aayakar Bhavan, India, Dr. Ab Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. Pan No. Aaacy 2068 D Appellant Respondent Assessment Year: 2014-15 M/S Yes Bank Ltd., Dcit-2(2)(2), 9Th Floor, Nehru Centre, Room No. 545, 5Th Floor, Aayakar Discovery Of India, Dr. Ab Vs. Bhavan, Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. Pan No. Aaacy 2068 D Appellant Respondent

For Appellant: Mr. Yogesh Thar/Ms. Ayushi ModaniFor Respondent: Dr. Kishor Dhule, DR
Section 14ASection 251

GROUND NO. XI: IGNORING THE AMENDMENT IN SECTION GROUND NO. XI: IGNORING THE AMENDMENT IN SECTION GROUND NO. XI: IGNORING THE AMENDMENT IN SECTION 36(1)(vi) OF THEАСТ: 36(1)(vi) OF THEАСТ: 1. On the facts and circumstances of the case and in law, the 1

DCIT-2(2)(2), Mumbai vs. Yes Bank Ltd., Mumbai

In the result, both the appeals of the Revenue and assessee he appeals of the Revenue and assessee are allowed partly for statistical purposes

ITA 3239/MUM/2018[2014-15]Status: DisposedITAT Mumbai30 Jun 2023AY 2014-15

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2014-15 Dcit-2(2)(2), M/S Yes Bank Ltd., Room No. 545, 5Th Floor, 9Th Floor, Nehru Centre, Discovery Of Vs. Aayakar Bhavan, India, Dr. Ab Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. Pan No. Aaacy 2068 D Appellant Respondent Assessment Year: 2014-15 M/S Yes Bank Ltd., Dcit-2(2)(2), 9Th Floor, Nehru Centre, Room No. 545, 5Th Floor, Aayakar Discovery Of India, Dr. Ab Vs. Bhavan, Road, Worli, M.K. Road, Churchgate, Mumbai-400018. Mumbai-400020. Pan No. Aaacy 2068 D Appellant Respondent

For Appellant: Mr. Yogesh Thar/Ms. Ayushi ModaniFor Respondent: Dr. Kishor Dhule, DR
Section 14ASection 251

GROUND NO. XI: IGNORING THE AMENDMENT IN SECTION GROUND NO. XI: IGNORING THE AMENDMENT IN SECTION GROUND NO. XI: IGNORING THE AMENDMENT IN SECTION 36(1)(vi) OF THEАСТ: 36(1)(vi) OF THEАСТ: 1. On the facts and circumstances of the case and in law, the 1

Ashirbad Infrastructure Ser & Faci Management Private Limited, Delhi vs. ACIT, Circle-3(2), Delhi

In the result, the appeal is dismissed

ITA 115/DEL/2023[2018-19]Status: DisposedITAT Delhi19 Apr 2023AY 2018-19

Bench: Shri Saktijit Deyassessment Year: 2018-19

Section 139(1)Section 143(1)Section 143(1)(a)Section 2(24)(x)Section 36(1)(va)Section 36(1)(vi)

view, the aforesaid claim of the assessee is not acceptable because of the clear statutory provisions contained under Section 36(1)(vi) read with secton2(24)(x) of the Act. In any case of the matter, the issue is no more res integra in view of the ratio laid down

Fedbank Financial Services Limited, Ernakulam vs. The DCIT Circle 1(1), Kochi

In the result, the appeal of the assessee is allowed

ITA 838/COCH/2022[2017-2018]Status: DisposedITAT Cochin08 Mar 2023AY 2017-2018

Bench: Shri George George K. & Ms. Padmavathy S.Assessment Year : 2017-18

For Appellant: Ms. K. Parvathy Ammal, CAFor Respondent: Shri Prashanth V.K., CIT(DR)
Section 143(3)Section 263Section 36Section 36(1)(viia)Section 37

India. 2. The main object of the company is to grant loans. Invariably when loans are extended there are irrecoverable loans - bad debts. Section 36(1)(vi) provides for deduction in computing the income under Profit and Gains of business. Section 36(1)(vii) provides that “the amount

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

written off was never credited in the 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 ... interest credited in books of accounts in respect of those loans and advances, should be allowed as same satisfies the condition of section 36(1)(vi) read with section 36(2) of the Act. We are of the opinion that before the assessing officer also the assessee submitted that amount

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

written off was never credited in the 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 ... interest credited in books of accounts in respect of those loans and advances, should be allowed as same satisfies the condition of section 36(1)(vi) read with section 36(2) of the Act. We are of the opinion that before the assessing officer also the assessee submitted that amount

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

written off was never credited in the 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 ... interest credited in books of accounts in respect of those loans and advances, should be allowed as same satisfies the condition of section 36(1)(vi) read with section 36(2) of the Act. We are of the opinion that before the assessing officer also the assessee submitted that amount

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

written off was never credited in the 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 ... interest credited in books of accounts in respect of those loans and advances, should be allowed as same satisfies the condition of section 36(1)(vi) read with section 36(2) of the Act. We are of the opinion that before the assessing officer also the assessee submitted that amount

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

written off was never credited in the 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 ... interest credited in books of accounts in respect of those loans and advances, should be allowed as same satisfies the condition of section 36(1)(vi) read with section 36(2) of the Act. We are of the opinion that before the assessing officer also the assessee submitted that amount