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“Section 41(7)”

Section References (mined)Section 41Section 41(7)1 judgments

The decision most relied on for Section 41(7) is State Bank of Mysore v. DCIT (33 SOT 7), cited in 39 judgments on BharatTax.

Leading authorities on Section 41(7)

State Bank of Mysore v. DCIT
33 SOT 7 · 2009 · ITAT
39
citing judgments

When bad debts written off were not allowed as a deduction, any subsequent recovery from such bad debts cannot be brought to tax. This principle is upheld even if a deduction for provisions for bad and doubtful debts was allowed under section 36(1)(viia).

CIT vs. Sugauli Sugar Mills (1989) 236 ITR 518(SC), CIT v. Kesaria Tea Co. Ltd.
257 ITR 343 · 2002 · Supreme Court
19
citing judgments

For income to be considered as having ceased to be payable and brought to tax under Section 41(1), it is not sufficient that the claim for repayment has become barred by limitation; there must be a release or write-off of the debt by the creditor in favour of the assessee.

Judgments citing Section 41(7)

Robert Mclean Consultants Pvt. Ltd., Mumbai vs. DCIT-CC-1(2), Mumbai

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

ITA 5007/MUM/2018[2011-12]Status: DisposedITAT Mumbai24 Nov 2022AY 2011-12

Bench: Shri Vikas Awasthy & Shri Amarjit Singhrobert Mclean Vs. Dy. Commissioner Of Consultants Pvt. Ltd. Income Tax, Central 9, Rowdon Street, Circle-1(2) Udyanchal Building, Flat 9Th Floor, Pratistha No. 20, 5Th Floor, Bhavan, New Marine Kolkata – 700 017 Lines, Mumbai – 400 020 स्थायी लेखा सं./जीआइआर सं./ Pan/Gir No: Aabcr5764N Appellant .. Respondent

For Appellant: NoneFor Respondent: Mahita Nair
Section 143(3)Section 147Section 148Section 50

ITA No.5007/Mum/2018 A.Y. 2011-12 1 Robert Mclean Consultants Pvt. Ltd. Vs. Dy.CIT,CC-1(2) IN THE INCOME TAX