Supreme Court of India
Pr. Commissioner of Income Tax 6 v. Khyati Realtors Pvt. Ltd.
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What the Court ordered
In view of the foregoing discussion, the Revenue’s appeal has to succeed.
Judgment, page 20
From the headnote
Income Tax Act, 1961: s.36(1)(vii) – Determination of Incom e under “Profits and Gains of Business or Profession – Deduc tion of Bad Debt – In the instant case, respondent-assessee sought deducti on of the amount of Rs. 10 crores in determining its i ncome under “Profits and Gains of Business or Profession” upon the premise that said amount was deposited with a builder towar ds the acquisition of commercial premises two years prior t o assessment year but later project did not make any progress an d hence the assessee sought refund but the builder did not pay the amount and therefore the same
Authorities it was built on
- 2010 G.V. Siddaramesh v. State of Karnataka
- 2012 Catholic Syrian Bank Ltd. v. Commissioner of Income Tax, Thrissur
- 2010 Mis. Southern Technologies Ltd. v. Joint Commissioner of Income Tax, Coimbatore
- 1962 A. V. Thomas & Co., Ltd., Alleppey v. The Commissioner of Income-tax, (bangalore) Kerala
- 1962 The Commissioner of Income-tax v. The Mysore Sugar Co., Ltd.
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