{"id":15963,"date":"2021-03-24T12:29:44","date_gmt":"2021-03-24T06:59:44","guid":{"rendered":"https:\/\/itatonline.org\/digest\/cit-v-shriram-chits-karnataka-pvt-ltd-2021-430-itr-414-karn-hc\/"},"modified":"2021-03-24T12:29:44","modified_gmt":"2021-03-24T06:59:44","slug":"cit-v-shriram-chits-karnataka-pvt-ltd-2021-430-itr-414-karn-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-shriram-chits-karnataka-pvt-ltd-2021-430-itr-414-karn-hc\/","title":{"rendered":"CIT v. Shriram Chits (Karnataka) Pvt. Ltd. (2021) 430 ITR 414 (Karn.)(HC)"},"content":{"rendered":"<p>Appeal by the revenue the Court held that the Assessing Officer had recorded a finding that the assessee had failed to substantiate its claim by producing evidence. However, this aspect of the matter was neither considered by the Commissioner (Appeals) nor the Tribunal. The matter was remitted to the Assessing Officer and the assessee was to be granted an opportunity to substantiate its claim for deduction of bid loss by adducing cogent material\u00a0 and to decide the issue in the light of the decision of the Supreme Court in the case of\u00a0Taparia tools v. JCIT \u00a0<a href=\"http:\/\/www.taxlawsonline.com\/%5b2015%5d%20372%20ITR%200605\">(2015)\u00a0 372 ITR 605<\/a>\u00a0(SC). (AY.2005-06)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 28(i) : Business loss-Chit business-Bid loss-Mercantile system of  accounting-Remanded to the Assessing Officer. [S. 37(1), 145]<\/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":[21],"tags":[],"class_list":["post-15963","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-49t","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15963","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=15963"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15963\/revisions"}],"predecessor-version":[{"id":15964,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15963\/revisions\/15964"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=15963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=15963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=15963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}