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 Income under “Profits and Gains of Business or Profession – Deduction of Bad Debt – In the instant case, respondent-assessee sought deduction of the amount of Rs. 10 crores in determining its income under “Profits and Gains of Business or Profession” upon the premise that said amount was deposited with a builder towards the acquisition of commercial premises two years prior to assessment year but later project did not make any progress and hence the assessee sought refund but the builder did not pay the amount and therefore the same has…
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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