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ANITA SUMANTH, G. ARUL MURUGAN
EIH Associated Hotels Limited – Appellant
Versus
Commissioner of Income Tax – I, Chennai – Respondent
JUDGMENT :
(Anita Sumanth, J.)
(Prayer : Appeal filed under Section 260A of the Income Tax Act, 1961 against the order of Income-Tax Appellate Tribunal 'A' Bench, Chennai dated 06.08.2010 passed in I.T.A.No.654/Mds/2010.)
The substantial questions of law admitted in this appeal are as follows:-
B. Whether in the facts and circumstances of the case the expenditure incurred for payment of foreclosure premium for
Pre-closure premium for loan restructuring is allowable as business expenditure under Section 37(1) of the Income Tax Act, 1961, based on commercial expediency.
The issuance of debentures incurs an immediate liability for expense deduction, with strict adherence to revenue recognition principles as outlined in Supreme Court precedents.
Reassessment valid for non-disclosure of advance camouflaged as purchase; forfeited advance not deductible as bad debt without prior income credit and proper write-off, nor as business expenditure.
The Tribunal erred in misapplying legal principles concerning accrued interest on subsidiaries' advances and bad debts, necessitating fresh consideration of the assessment orders as past accounting p....
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