{"id":24576,"date":"2022-02-05T20:17:38","date_gmt":"2022-02-05T14:47:38","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-v-mahindra-engineering-and-chemical-products-ltd-2021439-itr-399-bom-hc\/"},"modified":"2022-02-05T20:17:38","modified_gmt":"2022-02-05T14:47:38","slug":"pcit-v-mahindra-engineering-and-chemical-products-ltd-2021439-itr-399-bom-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-mahindra-engineering-and-chemical-products-ltd-2021439-itr-399-bom-hc\/","title":{"rendered":"PCIT v . Mahindra Engineering and Chemical Products Ltd. (2021)439 ITR 399 (Bom) (HC)"},"content":{"rendered":"<p>Dismissing the appeal of the revenue the Court held that\u00a0 the bad debts or part thereof were taken into account in computing income of the assessee for an earlier assessment year before \u00a0such debt or part thereof was written off was satisfied.\u00a0 Order of Tribunal is affirmed\u00a0 .Referred CIT v. Pudumjee Pulp and Paper Mills Ltd\u00a0 I.T.A No. 1590 of 2013 dated 5-8 2015 ( Bom ) (HC) , CIT v. Shreyas S. Morakhia ( 2012 ) 342 ITR 285 ( Bom) ( HC) ( AY.2005-06)\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 36(1)(vii) :Bad debt \u2013 Advances made in the course of business \u2013 Interest income was assessed as business income in earlier year- Advances written off \u2013 Allowable as bad debt .  [.  S.36(2)(i), 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":[21],"tags":[],"class_list":["post-24576","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-6oo","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24576","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=24576"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24576\/revisions"}],"predecessor-version":[{"id":24577,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24576\/revisions\/24577"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=24576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=24576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=24576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}