Modi Home Products Limited vs. Income Tax Officer
Parties Involved
Facts Summary
The assessee, Modi Home Products Limited, filed its return of income for the year 2014-15 declaring nil income. The return was selected for scrutiny, and the assessment was completed on 26.12.2016 under section 143(3) of the Income-tax Act, 1961. The Assessing Officer made various additions and disallowances, including disallowance of bad debt written off amounting to ₹6,17,138/- and ad-hoc disallowance of various expenses aggregating to ₹14,24,482/-. On appeal, the learned Commissioner of Income-tax (Appeals) granted partial relief but sustained the disallowance of the bad debt written off as well as the ad-hoc disallowance of expenses. Aggrieved, the assessee is in appeal before the Tribunal.…
Decision in favour of
Assessee
Legal Issues
- 1. Erroneous addition by the Assessing Officer
- 2. Disallowance of Rs. 61,17,138/- on account of bad debt written off
- 3. Disallowance of Rs. 14,24,452/- against various expenses
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
3 precedents cited in this judgement.
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