Supreme Court · 2022 INSC 864 · Decided 25 August 2022
PR. Commissioner of Income Tax 6 v. Khyati Realtors PVT. LTD.
- Court
- Supreme Court of India
- Citation
- 2022 INSC 864 · [2022] 7 S.C.R. 37
- Case number
- CIVIL APPEAL No. 5804/2022
- Decided
- 25 August 2022
- Bench
- UDAY UMESH LALIT, S. RAVINDRA BHAT, SUDHANSHU DHULIA (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 36(1)(vii)
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 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
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