CiteTEXT
...) 8 SCC 377 [TRF Ltd.], held that since a Managing Director of a company which was one of the parties to the arbitration, was himself ineligible to act as arbitrator, such ineligible person could not...upon Sections 12 to 14 of the Act, as also the judgment in TRF Ltd. (supra), and has argued that the appointment of Shri Khan goes to eligibility to be appointed as an arbitrator, as a result of...which the appointment made is void ab initio. Further, the judgment in TRF Ltd. (supra) is declaratory of the law and would apply to the facts of this case. Further, since there is no express agreement in...
...involved in the matters in dispute in the arbitration. Whether such ineligible person could himself appoint another arbitrator was only made clear by this Court's judgment in TRF Ltd. [TRF Ltd. v...introduction of Section 12(5) into the statute book, and Shri Khan was appointed long after 23-10-2015. The judgment in TRF Ltd. [TRF Ltd. v. Energo Engg. Projects Ltd...Amendment Act, 2015, just as in TRF Ltd. [TRF Ltd. v. Energo Engg. Projects Ltd., (2017) 8 SCC...
...filed an M.A stating that in view of the decision of the Apex Court in the case of TRF Ltd Vs CIT (2010-TIOL-15-SC-IT), the ITAT ought to have allowed the claim of the assessee and dismissed the...Court in the case of TRF Ltd. Further, the Tribunal had followed the decision of the Jurisdictional High Court and there was nothing in the decision of the Tribunal which can be considered as being...against the ratio of the decision of the Apex Court in the case of TRF Ltd. (supra). In the circumstances, we are of the opinion that the MA filed by the assessee would tantamount to review of the decision...
.../nominate an arbitrator in terms of the judgment of the Supreme Court in TRF Ltd. v. Energo Engineering Projects Ltd., (2017) 8 SCC 377. It is urged since the ineligibility...has referred to the following paragraphs in TRF Ltd. (supra) to press his point:—“11. We have referred to both the provisions to appreciate the change in the fundamental concept of...where respondent is involved etc. It is thus argued per TRF Ltd. (supra) if the lender is ineligible so would be her nominee arbitrator and hence the arbitrator has become de jure ineligible to perform...
...of TRF Ltd. v. CIT, [2010] 323 ITR 397 (SC) wherein the Apex Court held as under:—“After the amendment of...account as irrecoverable, therefore, following the ratio laid down by the Hon'ble Apex Court in the case of TRF Ltd. (supra) we set aside the orders of the revenue authorities and direct the AO to...
... Judgment pronounced on: 19 April, 2016 + Arb. P. No.85/2016
TRF LTD. ..... Petitioner Through Mr.Ciccu Mukhopadhaya, Sr. Adv. with Mr.Kaushik...outstanding
1.
Trf Ltd. Petitioner v. Energo Engineering Projects Ltd.(I) Comm.No.18/ 2016
Petition under....
Trf Ltd. Petitioner v. Energo Engineering Projects Ltd.(I) Comm.No.19/ 2016
Petition under Section 9 of the Arbitration and Conciliation Act...
...Case No. 10/2016: M/s TRF Ltd BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION CASE NO. 1 0 /2016 : M/S TRF LTD. SUMMARY RECORD OF PROCEEDINGS OF THE HEARING HELD ON 02.06.2016 BEFORE...THE BENCH CONSISTING OF SHRI ASHISH KALIA, CHAIRMAN AND SHRI SHASHANK SAKSENA, MEMBER BENCH I Present Name and Designation of the Representative S/Shri/Ms M/s TRF Ltd. P.S.Reddy, MD T.K.Srivastava, Co..., Manager SIDBI Mohd. Moonis Abbasi, Advocate ***** 1.1 Based on its audited balance sheet (ABS) as on 31.03.2015 M/s. TRF Ltd. filed a reference with BIFR u/s 15 (1) of the Sick Industrial...
... I.T.A. No. 550/Mds/11 2 TRF Ltd. v. CIT (323 ITR 397) could not be applied with regard to dues from Government and Government owned companies. 2...case of TRF Ltd. (supra) held that the debts having been written off, it had to be allowed for deduction under Section 36(1)(vii) of I.T. Act. He, therefore, deleted the...and Government companies, the decision of TRF Ltd. (supra) could not be applied. 6. Per contra, learned A.R. strongly supported the order of ld. CIT(Appeals...
... I.T.A. No. 550/Mds/11 2 TRF Ltd. v. CIT (323 ITR 397) could not be applied with regard to dues from Government and Government owned companies. 2...case of TRF Ltd. (supra) held that the debts having been written off, it had to be allowed for deduction under Section 36(1)(vii) of I.T. Act. He, therefore, deleted the...and Government companies, the decision of TRF Ltd. (supra) could not be applied. 6. Per contra, learned A.R. strongly supported the order of ld. CIT(Appeals...
... I.T.A. No. 550/Mds/11 2 TRF Ltd. v. CIT (323 ITR 397) could not be applied with regard to dues from Government and Government owned companies. 2...need not prove that amount had become bad during the year. 4. Ld. CIT(Appeals) relying on the decision of Hon'ble Apex Court in the case of TRF Ltd. (supra) held that the debts...rival contentions. Hon'ble Apex Court in the case of TRF Ltd. (supra) held that after April, 1989, it was not necessary for an assessee to establish that any debt had become irrecoverable but it was...
...assessee to establish the factum of debts became irrecoverable. CIT(A) has in deleting the addition has relied on the decision of Honble Supreme Court in the case of TRF Ltd. (supra...). 5. We have heard rival contentions and perused the record. Honble Supreme Court in the case of TRF Ltd. (supra) has held that consequent to amendment in sec. 36(1)(vii), after 1-4-1989, the...unrealized sale proceeds. In view of the judgment of Honble Supreme Court in the case of TRF Ltd. (supra), we see no infirmity in the order of the CIT(A) in allowing the claim of the assessee. We uphod the...
...Apex Court in the case of TRF Ltd vs. CIT, (2010) 323 ITR 397, ld. Commissioner of Income Tax (Appeals) did not accept...in the case of TRF Ltd (supra), the claim ought have been allowed. 3. Per contra, ld. Departmental Representative submitted that four debts which were written off were of debtors... --------------- D8,50,230 --------------- As per the judgment of Honble Apex Court in the case of TRF Ltd (supra), the only condition for claiming a bad debt is that...
...bad debts written off relying on the decision of Hon'ble Supreme Court in the case of TRF Ltd. v. CIT 250 CTR 14 and the decision of Special Bench of ITAT in the case of Shreyash S...the sides and also perused the relevant material on record. In the case of TRF Ltd., the Hon'ble Supreme Court has held that after the amendments made in section 36(1)(vii) with effect from 1989, the...his books of accounts as irrecoverable. In our opinion, the issue involved in the present case thus is squarely covered by the decision of Hon'ble Supreme Court in the case of TRF Ltd. (supra) and...
...disallowance relying on the judgment of Hon. Supreme Court in the case of TRF Ltd. without verifying the fact that whether the amount was actually written off in the books or not and whether the other...the decision of Hon. Supreme Court in the case of TRF Ltd. v. CIT 323 ITR 397 (SC) wherein it is held that for claim of bad debts the assessee just needs to write...Court in the case of TRF Ltd. (supra). As a result, the appeal filed by the Revenue is allowed but for statistical purposes.8. In the result, the appeal filed by the Revenue is allowed but for statistical purposes....
...Court in TRF Ltd. (supra), is inapplicable to the facts of the present case. In the said case the Arbitration clause provided as under:—“33. Resolution of dispute/arbitration...coordinate bench of this Court rejected a similar contention in the following words:“32. As far as the judgment of the Supreme Court in TRF Ltd. (supra) is concerned, I have already quoted the...herein rather gives a choice to one of the parties viz a lender to appoint an arbitrator. Thus perhaps is a striking difference between the two arbitration clauses viz., clause 33 of TRF Ltd. (supra) and...
...decision of Hon'ble Supreme Court in the case of TRF Ltd. (supra).5. We have heard rival contentions and perused the record. Hon'ble Supreme Court in the case of TRF Ltd. (supra) has..., in this case it has not been disputed that the debts were old due to unrealized sale proceeds. In view of the judgment of Hon'ble Supreme Court in the case of TRF Ltd. (supra), we see no infirmity...
...year. He failed to appreciate the facts in its proper perspective. He also failed to appreciate Honble Supreme Courts decision in case of TRF Ltd. which is squarely applicable in favour of the...the case of TRF Ltd., 323 ITR 397 (SC), assessee submitted that the bad debts are written off in the books and the conditions specified u/s 36(1)(vii) of the Act...judgement in the case of TRF Ltd. (supra) and confirmed the addition. The CIT(A) questioned the irrecoverability of the debts as per discussion given in para 7.3.3 and dismissed the appeal of the assessee...
...reliance on the decision of Hon'ble Apex Court in the case of TRF Ltd., 323 ITR 397 submitted that this disallowance of the claim of the assessee is without any merits and the A.O be...record we are of the view that the matter requires to be sent back to the file of the A.O for fresh adjudication in the light of Hon'ble Apex Court decision in the case of TRF Ltd., 323 ITR...
...) allowed the claim of assessee on the basis of the judgment of the Apex Court in the case of TRF Ltd. vs. CIT on the ground that the assessee need not prove that the debt has become bad...of the Apex court in the case of TRF Ltd. that it is not necessary for the assessee to establish that the debt has become bad. The Supreme Court has categorically held that once the debts have been...In view of the judgment of the Apex Court in the case of TRF Ltd. vs CIT (supra), it is not necessary for the assessee to prove that the debt has become bad. 5...
.... The learned counsel for the assessee also relied on the decision of the Hon'ble Supreme Court in the case of TRF Ltd. v. CIT (323 ITR 397) (SC). The CIT(Appeals) by...following the decision of the Hon'ble Supreme Court in the case of TRF Ltd. v. CIT (supra) allowed the appeal filed by the assessee. 4. On being aggrieved, the...Hon'ble Supreme Court in the case of TRF Ltd. v. CIT (supra) and supported the order passed by the CIT(Appeals). 5. On the other hand, the learned DR fairly...