Click Here For Best Books On Taxation & Law. Upto 60% Off On Select Titles. Free Shipping & Pay On Delivery!
 

Click Here To Subscribe To Our Free Newsletter

This section is now closed. Click here for new judgements

Home › All Judgements › CIT vs. Star Chemicals (Bombay High Court)

CIT vs. Star Chemicals (Bombay High Court)

Posted on by editor
COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: July 30, 2008 (Date of publication)
AY:
FILE:
CITATION:


It is clear from the reading of Section 36 (1) (vii) and Circular No. 551 dated 23rd January, 1990 that if the assessee has written off the debt as bad debt, that would satisfy the purpose of the Section.

Note: The judgement of the Delhi High Court in Morgan Securities & Credits 292 ITR 339 was followed.

Related Judgements

  1. Krishna Lifestyle vs. UOI (Bombay High Court) 

    (i) While the arrears of the State have priority over private debts owed to ordinary or unsecured creditors, this priority does not extend over secured creditors (subject to statutory exception). The fact that the tax arrears are recoverable as arrears … Krishna Lifestyle vs. UOI (Bombay High Court)…
  2. Idea Cellular vs. DCIT (Bombay High Court) 

    Where all the material facts were placed before the AO and he raised questions thereon, Explanation 1 to s. 147 has no application. Further, the argument that because there was no discussion in the assessment order, the AO had not … Idea Cellular vs. DCIT (Bombay High Court)…
  3. Saraya Industries vs. UOI (Delhi High Court) 

    Sections 153A and 153C are not unconstitutional either on the ground of discrimination or on the ground that they allegedly exclude the principles of natural justice.
  4. Sales Tax Practitioners vs. State (Bombay High Court) 

    S. 61 of the MVAT which confers right to do audit to CAs and excludes Advocates and STPs is neither discriminatory, arbitrary or unreasonable and consequently not unconstitutional. Only CAs are competent to perform audit functions having regard to the expertise achieved as a result of their academic knowledge…
  5. CWT vs. Value Capital Services (Delhi High Court) 

    In a case where it is alleged that persons contributing share application moneys are bogus, it is quite obvious that is very difficult for the assessee-company to show the creditworthiness of strangers. If the Revenue has any doubt with regard to their ability to make the investment, their returns…