Itxa.8.12.903.Sxw v. Shreyas S. Morakhia[1

kps HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.8 OF 2012 The Commissioner of Income Tax-4, Mumbai.-versus-IIT Investrust Ltd.. ..Appellant ..Respondent ............ Mr.Vimal Gupta, for the Appellant.Mr.P.C.Tripathi i/by Mr.Atul K. Jasani, for the Respondent. ............ CORAM : DR. D.Y.CHANDRACHUD & M.S.SANKLECHA, JJ. Date : MARCH 1, 2012. P.C.: 1The following question of law has been raised by the Revenue in this Appeal under Section 260A of the Income Tax Act, 1961:- Whether on the facts and in the circumstance of the case and in law the Tribunal was justified in holding that the Assessee Company was entitled to the claim of Bad Debts amounting to Rs.4,05,01,530/- with respect to the losses suffered by the Assessee Company even though such losses do not form part of the computation of income of the Assessee Company and therefore the provisions of Section 36(1)(vii) read with Section 36(2) are not satisfied. 2The appeal arises out of the order of the Income Tax Appellate Tribunal dated 13 April 2011 for Assessment Year 2004-05. 3Learned counsel appearing for the Assessee and learned counsel appearing for the Revenue state that the question raised is covered in favour of the Assessee and against the Revenue by the judgment of this Court in Commissioner of Income Tax-II, Mumbai v/s Shreyas S. Morakhia[1]. 4Since the question stands concluded in favour of the Assessee by the judgment of the Division Bench, no substantial question of law would arise. The Appeal is, accordingly, dismissed. There shall be no order as to costs. (Dr.D.Y.Chandrachud, J.) (M.S.Sanklecha, J.)