Case Law Details
Case Name : M/s Pepsico India Holdings Private Limited Vs DCIT (ITAT Delhi)
Related Assessment Year : 2003- 04
Courts :
All ITAT ITAT Delhi
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Amount of advance given to M/s Dhillon Kool Drinks and Beverages Limited was advanced in the course of business. It is undisputed that the advances became irrecoverable. In such situation, as per the ratio emanating from the decision of the Hon’ble Jurisdictional High Court in the case of Mohanmeakin Ltd. vs. C.I.T. 348 ITR 109, it is not relevant that the amount was claimed as bad debt.
As per the Hon’ble High Court decision the amount was deductible as business loss u/s. 37 of the I.T. Act. In this case it was he
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