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Documents citing Ravi Real Estate Developers P.Ltd, ... vs Ito 9(3)(4), Mumbai on 18 August, 2017

Shivalik Ventures P. Ltd, Mumbai vs Dcit (Osd-1), Mumbai on 19 September, 2018

ITA No. 5407 & 5613 Mum 15 - Ms Shivalik Ventures Pvt. Ltd. Accordingly the Board of directors have recommended for write off of the impugned amount of Rs.19 crores. As noticed earlier, the Board of directors have recommended write off of Rs.117.08 crores and the AO has accepted write off of Rs.83.08 crores. We also notice that the assessee has followed a due process in arriving at this decision to write off and hence, in our view, the business prudence and wisdom of the assessee should not have been doubted with. The ld. Commissioner (Appeals) has also expressed the view that in case the money is recovered in future, the same is liable to be taxed in the hand of assessee in the year of receipt. The ld. Commissioner (Appeals) has also referred to the decision of Mumbai Tribunal in Prerna Real Estate P. Ltd. vs. ITO and Savon Remedies Pvt. Ltd. vs. ITO on the principle that the Assessing Officer cannot step into shoes of businessman and decide whether any particular expenditure should be written off or not. We notice that the ld. Commissioner (Appeals) has duly considered the legal opinion obtained by assessee in this regard. We have noted that there is no dispute that assessee paid the amount in the course of its business.
Income Tax Appellate Tribunal - Mumbai Cites 17 - Cited by 14 - Full Document
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