Itxa v. Asstt.commissioner Of Income Tax

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTIONINCOME TAX APPEAL NO.1040 OF 2004M/s.Bipin Synthetics Pvt.Ltd...AppellantVs.Asstt.Commissioner of Income Tax..RespondentMr.P.S.Sahadevan for Appellant.Ms.Beena Pillai for respondent.CORAM :- V.C.DAGA &J.P.DEVADHAR,JJ.DATE : 17TH APRIL,2009P.C..Heard. 1.The appeal was admitted on the following substantial question of law: "Whether on the facts and in the circumstancesof the case the Tribunal was justified indisallowing bad debts of Rs.3,82,558/- inrespect of inter corporate deposits made withDawood Shoes Pvt.Ltd.?2.Both parties fairly state that the saidquestion has already been considered and answered bythe Division Bench of this Court in the case ofDirector of Income Tax (International Taxation) Vs.M/s.Oman International Bank SAOG, in Income Tax AppealNo.114 of 2009 decided on 9th February, 2009(unreported).In this view of the matter, for thereasons stated therein, the question of law isanswered in favour of Assessee and against the Revenue. The appeal is disposed of in terms of this order with no order as to costs. (J.P.DEVADHAR,J.) (V.C.DAGA,J.)