Itta/476/2012 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.476 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 07.02.2008 in relation to the assessment year 2004- 2005, on the following suggested questions of law: Whether on the facts and in the circumstances ofthe case, the Tribunal was correct in law in holdingthat the assessee was entitled to treat the un-recovered dues as business loss and is notperverse and liable to be set aside? We have heard the learned counsel for theappellant and we have gone through the impugnedjudgment and order of the learned Tribunal. The learnedTribunal while deciding this matter has followed itsearlier decision in the assessee’s own case in ITANo.274/Hyd/02 and 141/Hyd/03 for the assessmentyear 1999-2000 being dated 15.09.2006. There is nostatement before us that the said decision was carriedin appeal and the same was upset. Therefore, we donot see any reason to interfere with the impugnedjudgment and order. Consequently we dismiss the appeal. No order asto costs ______________________ Kalyan Jyoti Sengupta, CJ. __________G.Rohini, J.