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Bad debt – Amount receivable by a share broker from his clients against purchase of shares when not recovered can be allowed as bad debt
Case Law Details
- Case Name
- CIT Vs. Shreyas S. Morakhia (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Mumbai
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DECIDED BY: ITAT MUMBAI BENCHES `B’, SPECIAL BENCH , IN THE CASE OF: DCIT Vs. Shreyas S. Morakhia, APPEAL NO: ITA No. 3374/Mum/2004, DECIDED ON July 16, 2010
ORDER
PER P.M. JAGTAP, AM.
This Special Bench has been constituted u/s 255(3) of the Income Tax Act, 1961 to decide the following question which is arising out of the present appeal:-
“Whether on the facts and circumstances of the case and in law, the assessee, who is a share broker, is entitled to deduction by way of bad debts under section 36(1)(vii) read with section 36(2) of the Income Tax Act, 1961 in respect of the amou...
