Commissioner of Income Tax vs. Agricultural Market Committee

In the result, both the substantial questions

Bench: V.V.S.RAO,RAMESH RANGANATHAN

disallowance in respect of writing off the debts. It was further held that investment made for equity shares of M/s Gujarat Instruments Ltd., cannot be written off as a revenue loss and the same is a dead loss and therefore, is not allowable. Being aggrieved, the revenue as well as the assessee preferred appeals. The tribunal vide order dated

Commissioner of Income Tax-III vs. Sigma Constructions

In the result, the appeal is dismissed

Section 36(1)(vii) of the Act and the expenditure relating to prior period could not be claimed in the guise of bad debts. In support of aforesaid submission, reliance has been placed on the decision of the Supreme Court in 'GOETZE INDIA LTD. Vs. CIT' 284 ITR 323. 5. On the other hand, learned counsel for the assessee

M/s. Sathavahana Ispat Limited vs. Deputy Commissioner of Income Tax

Bench: P.SAM KOSHY,LAXMI NARAYANA ALISHETTY

disallowed the claim on the ground that as per the lease agreement these maintenance charges were to be borne by the tenants. The CIT(A), however, allowed this claim which view of the CIT(A) was affirmed by the Tribunal as well. 2. In so far as the rentals are concerned, the assessee kept on receiving the interim rent