COMMISSIONER OF INCOME TAX vs SHRIRAM CHITS (KARNATAKA)(P)LTD.

Authority: High Court Date: 2015-01-09 AY: 2003-04 Section: 260A, 143(1)(a), 244A, 36(1)(vii), 40A(2) Acts: Income Tax Act 1961 Result: Partly Citation: (2015) 375 ITR 0289 (Karn) : (2015) 231 TAXMAN 0780 (Karnataka) Justices: N.KUMAR & B. VEERAPPA, JJ Appeal No: ITA No. 920, 922/2008
Whether the Tribunal was correct in allowing Rs.7,20,32,155/- as bid loss under Completed Contract Method without proper evidence --- Held No; Whether bad debts claim is allowable under Section 36(1)(vii) for chit fund subscription defaults --- Held Yes; Whether royalty payments to parent company were excessive under Section 40A(2) --- Held No

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