{"id":3876,"date":"2019-02-08T10:24:02","date_gmt":"2019-02-08T10:24:02","guid":{"rendered":"http:\/\/itatonline.org\/digest\/cit-v-millennia-developers-p-ltd-2019-260-taxman-142-karn-hc\/"},"modified":"2019-11-17T13:02:18","modified_gmt":"2019-11-17T13:02:18","slug":"cit-v-millennia-developers-p-ltd-2019-260-taxman-142-karn-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-millennia-developers-p-ltd-2019-260-taxman-142-karn-hc\/","title":{"rendered":"CIT  v. Millennia Developers (P.) Ltd.  (2019)  260 Taxman 142\/ 307 CTR 226 \/174 DTR 282 (Karn.)(HC).Editorial: SLP of revenue is dismissed , CIT  v. Millennia Developers (P.) Ltd ( 2019) 266 Taxman 186 (SC)"},"content":{"rendered":"<p>Dismissing the appeal of the revenue; the Court held that; waiver of right to receive sale consideration from director and family members, as per family settlement \u00a0which was recognised by passing order \u00a0u\/s. 171 \u00a0and the amount was written off in the books of account . Tribunal was justified in allowing the debt as bad debts. ( AY. 2003-4, 2004 -05)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 36(1)(vii) : Bad debt\u2013Waiver of right to receive sale consideration from director and family members\u2013Avoid deadlock in management-Family settlement\u2013Partition recognised u\/s 171\u2013Allowable as bad debt [S. 171]<\/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-3876","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-10w","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3876","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=3876"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3876\/revisions"}],"predecessor-version":[{"id":8249,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3876\/revisions\/8249"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=3876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=3876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=3876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}