Itxa/1539/2012 Of The Commissioner Of Income Tax - 10 v. S.s.kantilal Ishwarlal Securities Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1539 OF 2012 The Commissioner of Income Tax-10-Versus-S.S. Kantilal Ishwarlal Securities Ltd. ..Appellant ..Respondent ........... Mr. Tejveer Singh for the Appellant.Mr. Hiro Rai i/b. Subhash Shetty for the Respondent. ........... CORAM: S.C. DHARMADHIKARIAND A.A. SAYED, JJ. DATE :- 27[th] NOVEMBER, 2014 P.C.: The Tribunal and the Commissioner both have concurred in holding that the only issue and pertaining to bad debts being written off which has been addressed by Mr. Tejveer Singh is a genuine and bonafide claim. The Assessee was having foreign institutional investors as a client. All the parties whose name were mentioned in respect of which the bad debt is claimed is a genuine party. The Assessing Officer, therefore, could not have held otherwise and that the debts could not have written off by the Assessee as bad debts. However, he insisted that Assessee must produce some record of his having raised this issue before the Stock Exchange wadhwa Arbitration Committee for purposes of recovery. That means he should have shown proof of some legal proceeding initiated and instituted by him for recovery. The Revenue having not been produced the record, he disallowed the claim. The Commissioner and the Tribunal both concluded after finding that there was no basis for such an approach by the Assessing Officer and in law. The Commissioner has given detailed reasoning for allowing the claim. The Assessee has also produced the necessary records including the commission on the transactions. In such circumstances, the factual findings of the Tribunal upholding that of the Commissioner cannot be termed as perverse. They are not vitiated by any error of law apparent on the face of the record. There is no merit in this Appeal. It is, accordingly, dismissed. No costs. (A. A. SAYED, J.) (S.C. DHARMADHIKARI, J.) 2/2