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High Court

Bombay High Court Allows Revenue's Appeal on Deduction Limit Under Section 36(1)(viia) of Income Tax Act. The court held that deduction for provision for bad and doubtful debts is limited to 5% of gross total income, not total income after other deductions.

22 Dec 2011

The Revenue appealed against the order of the Income Tax Appellate Tribunal which allowed a deduction of Rs.3,57,34,509 under Section 36(1)(viia) of t...

High Court

Bombay High Court Dismisses Challenge to Arbitral Award in Share Purchase Dispute — Upholds Majority Award on Misrepresentation of Receivables. The court held that the arbitral tribunal's findings on misrepresentation and damages were not perverse and did not warrant interference under Section 34 of the Arbitration and Conciliation Act, 1996.

16 Mar 2012

The petitioner, GWL Properties Ltd. (formerly Gordon Woodroffe Ltd.), challenged a majority arbitral award dated 31 August 2009 under Section 34 of th...

High Court

Madras High Court Allows Appeal in Income Tax Bad Debt Write-Off Case — Assessee Entitled to Deduction for Debts Written Off in Books Even if Not Recognized by Debtor. The court held that under Section 36(1)(vii) read with Section 36(2) of the Income Tax Act, 1961, the only condition for deduction of bad debts is that the debt must be written off as irrecoverable in the books of the assessee, and there is no requirement of acknowledgment by the debtor.

27 Jan 2025

The appellant, M/s. Citadel Fine Pharmaceuticals Ltd., filed a return of income for assessment year 2009-10 under the Income Tax Act, 1961. The Assess...

High Court

High Court of Judicature at Bombay Rules in Favor of Industrial Development Bank of India on Deductions under Section 36(1) of Income Tax Act. The Bombay High Court adjudicates the scope of deductions for bad debts and provisions for doubtful debts under Section 36(1)(vii) and (viia) in Income Tax Appeals concerning Industrial Development Bank of India.

19 Sep 2024

This judgment deals with two Income Tax Appeals (No. 511 of 2004 and No. 510 of 2004), involving the Industrial Development Bank of India (IDBI), amal...

High Court

High Court of Bombay at Goa Dismisses Revenue's Appeal in Income Tax Case — Provision for Doubtful Debt Not Deductible Under Section 115JA. The court held that a provision for doubtful debt, being an unascertained liability, cannot be added back to book profit under Section 115JA of the Income Tax Act, 1961.

23 Apr 2015

The Commissioner of Income Tax appealed against an order of the Income Tax Appellate Tribunal (ITAT) dated 17/01/2007 relating to assessment year 1997...

High Court

Bombay High Court Quashes Reopening Notice Under Section 148 of Income Tax Act for Lack of Failure to Disclose Material Facts. Reassessment after four years invalid as reasons recorded did not allege any failure by assessee to disclose fully and truly all material facts.

9 Nov 2011

The petitioner, ICICI Bank Ltd., challenged a notice dated 30 March 2010 issued by the Deputy Commissioner of Income Tax under Section 148 of the Inco...

High Court

Bombay High Court Dismisses Airport Authority's Appeal Against Refusal of Injunction in Lease Dispute with Hotel Company. Court holds that a lessor cannot restrain lessee from creating third-party rights in assets or shareholding without a contractual bar, and that the lessee's use of FSI from one plot for construction on another does not constitute breach of lease terms.

18 Oct 2019

The appellant, Airport Authority of India (AAI), a statutory authority under the Airports Authority of India Act, 1994, filed an appeal against an ord...

High Court

Bombay High Court Dismisses Revenue's Appeal in Share Broker Bad Debt Case — Affirms Deduction Under Section 36(1)(vii) of Income Tax Act. Amounts Advanced for Client Transactions Constitute Business Debts Allowable as Bad Debts Even if Only Commission Was Credited to Profit and Loss Account.

28 Feb 2012

The appeal by the Revenue arose from a decision of the Special Bench of the Income Tax Appellate Tribunal dated 16 July 2010. The assessee, Shri Shrey...

Supreme Court

Supreme Court Dismisses Tenant's Appeal in SARFAESI Act Case — Oral Tenancy After Mortgage Not Protected. Tenant's claim of tenancy based on oral agreement after mortgage creation cannot defeat bank's right to take possession under Section 14 of SARFAESI Act.

11 Sep 2019

The present appeal arises from an order of the Chief Metropolitan Magistrate, Esplanade, Mumbai, dated 31.12.2014, rejecting the application of the ap...

High Court

High Court of Bombay at Goa Allows Revenue's Appeal in Part on Deduction Under Section 80IA and Interest Disallowance Under Section 36(1)(iii) of Income Tax Act. The court upheld ITAT's direction to allow deduction under Section 80IA without deducting depreciation, but reversed the deletion of interest addition for borrowings to sister concern.

28 Jun 2011

The case is a tax appeal filed by the Commissioner of Income Tax against the order of the Income Tax Appellate Tribunal (ITAT) concerning the assessme...

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