Itta/261/2012 Of The Commissioner Of Income Tax- I v. M/S. Prasad Film Laboratories Ltd

IN THE HIGH COURT OF JUDICATURE, ANDHRAPRADESH AT HYDERABAD WEDNESDAY, THE TENTH DAY OF JULYTWO THOUSAND AND THIRTEEN PRESENT THE HON’BLE THE CHIEF JUSTICESRI KALYAN JYOTI SEN GUPTA AND THE HON'BLE MS. JUSTICE G.ROHINI I.T.T.A. No.261 OF 2012 Between: Commissioner of Income Tax-I Hyderabad ..... Appellant AND M/s. Prasad Film Laboratories Ltd., LV Prasad Marg, Banjara Hills,Hyderabad. .....Respondent The Court made the following : JUDGMENT:(per the Hon’ble the Chief Justice Sri K.J. Sengupta) This appeal is sought to be preferred against thejudgment and order of the learned Tribunal dated 7.11.2006 in relation to the assessment year 2000- 2001, on the following suggested questions of law: 1.Whether on the facts and in thecircumstances of the case, the Tribunal iscorrect in law in holding that theassessee was entitled to treat the un-recovered dues as business loss and setoff the same against income? 2. Whether on the facts and in thecircumstances of the case, the Tribunal iscorrect in law in holding that the assesswas entitled to treat the un-recovereddues towards cost of films supplied toprocedures as business loss though theassessee is not involved in business ofpurchase and sale of films? 3. Whether on the facts and in thecircumstances of the case, the ITAT isjustified in allowing irrecoverable dues onaccount of cost of films against incomefrom film processing? We have heard the learned counsel for theappellant and we have gone through the judgment andorder of the learned Tribunal. It appears that the learnedTribunal has decided the matter following the earlierdecision of the Tribunal in relation to the assessmentyear 1998-1999 and 1999-2000 in respect of the sameassessee. The facts are identical and there is nostatement before us that the aforesaid two previousorders have been appealed against and the same havebeen set aside. Therefore, we do not see any reason tointerfere with the impugned judgment and order. Consequently, we dismissed the appeal. No orderas to costs. ______________________Kalyan Jyoti Sengupta, CJ. July 10, 2013MAS __________G.Rohini, J.