section 36(1)(vii) - Page 3

Assessee is entitled to depreciation on Wind Electric Generators from the date on which it was installed and commissioned

Hindustan Platinum Pvt. Ltd. Vs ACIT (ITAT Mumbai)

Hindustan Platinum Pvt. Ltd. Vs ACIT (ITAT Mumbai)- Statement given u/s 131 cannot be the only basis for disallowing the claim of depreciation when it is shown with documentary evidence that the admission made in the statement recorded was under a mistake or misapprehension. Assessee is not entitled to claim loss u/s 28 on account bad deb...

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It is not imperative for assessee-bank to close individual account of each of it’s debtors in it’s books for claiming deduction U/s. 36(1)(vii)

Vijaya Bank Vs. CIT (Supreme Court of India)

Where the assessee-bank has instituted recovery suits in Courts against it's debtors, if individual accounts are to be closed, then the Debtor/Defendant in each of those suits would rely upon the Bank statement and contend that no amount is due and payable in which event the suit would be dismissed....

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Supreme Court rules write off of debt is sufficient for claiming bad debts

In a recent ruling Supreme Court in the case of TRF Ltd. on the issue of whether a taxpayer, while claiming deduction of bad debts in its return of income, is required to establish that the debts have, in fact, become irrecoverable. The SC held that post the amendment to Section 36(1)(vii) (Section) of the Indian Tax Law (ITL), for claimi...

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Taxpayer not required to demonstrate that the debt has become bad debt once it is written off in the books of account: SC

TRF Ltd. Vs. CIT (Supreme Court of India)

In order to claim a bad debt as a deduction under section 36(1)(vii) of the Income tax Act (Act) it has been a long drawn controversy between the Taxpayer and the Revenue whether in addition to write-off the debt in the books of account, it is obligatory on the Taxpayer to establish that such debt has become a bad debt, especially after t...

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September 2021