Search Results for "Debts Adjustments Act"

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Search Results for "Debts Adjustments Act"

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High Court

High Court of Bombay at Goa Dismisses Revenue's Appeal in Income Tax Case — Prima Facie Adjustment Under Section 143(1)(a) Cannot Include Provision for Doubtful Debt. The ITAT was right in holding that adjustment for provision for doubtful debt is outside the ambit of prima facie adjustment under Section 143(1)(a) of the Income Tax Act, 1961.

28 Jun 2011

The case involves an appeal by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) which deleted a prima faci...

Supreme Court

Supreme Court Hears Appeal on Limitation in IBC Proceedings; Balance Sheet Acknowledgment Dispute. NCLAT Upheld Dismissal of Section 7 Application as Time-Barred Despite Claim of Debt Acknowledgment in Financial Statements.

24 Jul 2025

The appeal arose from the dismissal of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by IL&FS Financial Services Li...

Supreme Court

Supreme Court Interprets Pre-Deposit Requirement Under Section 18 of SARFAESI Act in Appeals by Borrowers and Secured Creditors. The court held that pre-deposit is mandatory, computed based on the amount claimed in the notice under Section 13(2), excluding future interest, with adjustments for recoveries after filing the petition under Section 17.

23 Apr 2025

The Supreme Court of India, in a group of appeals, addressed the interpretation of Section 18 of the Securitisation and Reconstruction of Financial As...

High Court

Bombay High Court Rules in Favor of Insurance Corporation on Deduction of Bad Debt Reserve. Held That Crediting Reserve for Doubtful Debts Constitutes Write-Off Under Section 36(1)(vii) of Income Tax Act, 1961, and Rule 5(a) of First Schedule Does Not Apply.

26 Jul 2005

In this appeal before the Bombay High Court, the assessee, a general insurance corporation, challenged the Income Tax Appellate Tribunal's decision re...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Regional Rural Bank Entitled to Deduction Under Section 36(1)(viia) on Provision for Bad and Doubtful Debts. The court held that the provision for bad and doubtful debts made by the assessee-bank in accordance with RBI guidelines is allowable as a deduction under Section 36(1)(viia) of the Income Tax Act, 1961, and that the Assessing Officer cannot recompute the provision based on a different percentage.

14 Dec 2015

The case involves two appeals filed by the Revenue under Section 260A of the Income Tax Act, 1961, challenging a common order dated 28.11.2013 passed ...

High Court

High Court of Judicature at Bombay Considers Winding Up Petition Based on Alleged Debt Arising Out of F&O Trades; Respondent Disputes Liability and Raises Counter-Claim for Damages

28 Jun 2016

This company petition sought winding up of Prime Broking Company (India) Ltd under the Companies Act, 1956 on the ground of inability to pay debts. Th...

High Court

Bombay High Court Dismisses MSEDCL's Application to Declare Arbitral Award Satisfied as Vexatious and Dilatory. Unilateral Deposit of Disputed Amount Without Decree-Holder's Consent Does Not Discharge Judgment-Debtor Under Section 31 CPC.

13 Mar 2018

The case involves a Chamber Summons filed by Maharashtra State Electricity Distribution Company Limited (MSEDCL), the unsuccessful respondent in an ar...

High Court

Bombay High Court Dismisses Revenue's Appeal in Bank Taxation Case — Excess Cash at Counters Not Income, PF Dues Grace Period Allowed, Interest on Securities Not Accrued, Bad Debt Deduction Upheld, Advance Income Not Taxable. The court upheld the ITAT's order deleting additions and directing allowances on five issues under the Income Tax Act, 1961.

23 Apr 2010

The Revenue appealed against the order of the Income Tax Appellate Tribunal (ITAT) for assessment year 2002-03, raising five questions of law. The fir...

High Court

Bombay High Court Allows Summons for Judgment in Summary Suit for Recovery of Debenture and Deposit Amounts — Acknowledgment of Liability Found in Correspondence. Evidentiary Value of Letters as Acknowledgment Under Section 18 of Limitation Act, 1963, Upheld to Extend Limitation Period.

14 Jan 2010

The Bombay High Court heard a Summons for Judgment in a summary suit filed by Canara Bank and others, as trustees of Canbank Mutual Fund, a trust unde...

Supreme Court

Supreme Court Allows Set-Off Claim in Corporate Insolvency Resolution Process Under Insolvency and Bankruptcy Code, 2016. The court held that set-off is permissible during CIRP as it promotes efficiency and equity, and the moratorium under Section 14 does not automatically prohibit such adjustments when claims arise from mutual and connected transactions.

3 Jan 2024

The appeal before the Supreme Court involved a dispute between Bharti Airtel Limited and Bharti Hexacom Limited (Airtel entities) and Aircel Limited a...

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