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CIT v. Shriram Chits & Investments (P.) Ltd. (2018) 257 Taxman 395 /( 2019) 410 ITR 10(Mad.)(HC)

S. 36(1)(vii) : Bad debt – Failure of subscribers of chit fund to make payment of their instalments is allowable as bad debt.

Dismissing the appeal of the revenue the Court held that ; in view of decision in case of Sriram Chits & Investments (P.) Ltd. v. UOI  AIR 1993 SC 2063,/(1994) 79 Comp Was 298 (SC) where prize chit winner defaulted in his payments of instalments, same was to be allowed as bad debt. (AY. 1997-98)

2 comments on “CIT v. Shriram Chits & Investments (P.) Ltd. (2018) 257 Taxman 395 /( 2019) 410 ITR 10(Mad.)(HC)”
  1. N MADHUSUDANARAO says:
    April 28, 2021 at 6:51 pm

    Please send copy of CIT v. Shriram Chits & Investments (P.) Ltd. (2018) 257 Taxman 395 /( 2019) 410 ITR 10(Mad.)(HC)

  2. N MADHUSUDANARAO says:
    April 28, 2021 at 6:52 pm

    send copy of CIT v. Shriram Chits & Investments (P.) Ltd. (2018) 257 Taxman 395 /( 2019) 410 ITR 10(Mad.)(HC)