{"id":10687,"date":"2020-03-22T06:40:55","date_gmt":"2020-03-22T06:40:55","guid":{"rendered":"http:\/\/itatonline.org\/digest\/mahindra-mahindra-ltd-v-dcit-2020-180-itd-776-mum-trib\/"},"modified":"2020-03-22T06:40:55","modified_gmt":"2020-03-22T06:40:55","slug":"mahindra-mahindra-ltd-v-dcit-2020-180-itd-776-mum-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/mahindra-mahindra-ltd-v-dcit-2020-180-itd-776-mum-trib\/","title":{"rendered":"Mahindra &#038; Mahindra Ltd. v. DCIT (2020) 180 ITD 776 (Mum.)(Trib.)"},"content":{"rendered":"<p>Assessee-company gave certain advance to its subsidiary company to acquire development rights of a property. Assessee offered interest income on said advance to tax on year to year basis. Subsequently, on account of failure of subsidiary company to repay advance money, assessee\u00a0 wrote off the amount as bad debts. The AO held that\u00a0 the assessee had never credited advance money to its profit and loss account in any of years\u00a0 hence rejected its claim. Tribunal held that on facts, income offered by assessee in form of interest itself formed part of entire debt owned by assessee and since assessee had offered to tax a part of debt, requirement of S. 36(2) stood satisfied and assessee became eligible to claim deduction. Followed \u00a0CIT v. T. Veerabhadra Rao\u00a0 (1985) 155 ITR 152 (SC) (AY. 2004-05)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 36(1)(vii) : Bad debt\u2013Advance to subsidiary\u2013Interest income was offered as income\u2013Failure to repay the advances-Allowable as bad debts. [S. 28(i), 36(2), 37(1)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10687","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2Mn","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10687","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=10687"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10687\/revisions"}],"predecessor-version":[{"id":10688,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10687\/revisions\/10688"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=10687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=10687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=10687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}