{"id":32043,"date":"2023-01-21T07:33:23","date_gmt":"2023-01-21T02:03:23","guid":{"rendered":"https:\/\/itatonline.org\/digest\/sundaram-finance-ltd-v-jcit-2022-the-chambers-journal-december-2022-p-87-madhc\/"},"modified":"2023-03-04T19:30:12","modified_gmt":"2023-03-04T14:00:12","slug":"sundaram-finance-ltd-v-jcit-2022-the-chambers-journal-december-2022-p-87-madhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/sundaram-finance-ltd-v-jcit-2022-the-chambers-journal-december-2022-p-87-madhc\/","title":{"rendered":"Sundaram Finance Ltd v. JCIT ( 2022)  145 taxmann.com 329 (Mad)(HC)\/The Chamber\u2019s Journal \u2013 December , 2022 -P. 87 ( Mad)(HC)"},"content":{"rendered":"<p>Dismissing the\u00a0 appeal of the assessee the Court\u00a0 held\u00a0 that, section 41(1) of the Act\u00a0 has to be considered as a complete code by itself . Section 41(1) cannot be read in isolation with section 41(4) . The assessment completed under section 41(1) is the same as the assessment contemplated under section 41(4). Therefore , merely because there is no corresponding amendment in sub-clause (4) it would not mean that the provisions of section 41(1) will not apply. The recovery of the debt is the right transferred along with the numerous other rights comprising of the subject of the transfer.\u00a0 Accordingly, the bad debt recovered by the assessee which was written off by the amalgamating company, which got amalgamated is liable to be taxed in the hands of the assessee.( T.C.A Nos . 272&amp; 275 of 2022 dt . 26 -9 -2022 )\u00a0 ( AY. 2004 -05 , 2005 -06 )<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 41(4) : Profits chargeable to tax &#8211; Bad debt \u2013 Bad debts recovered by the amalgamated company \u2013 Liable  to tax [ S. 36(1)(vi), 41(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-32043","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8kP","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/32043","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=32043"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/32043\/revisions"}],"predecessor-version":[{"id":33139,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/32043\/revisions\/33139"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=32043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=32043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=32043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}