The Commissioner Of Income Tax-4 v. M/S Dhayabhai Share & Stock Brokers Ltd

vks IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.41 OF 2009 The Commissioner of Income Tax-4 ..Appellant -versus M/s Dhayabhai Share & Stock Brokers Ltd .. Respondents Mr.Vimal Gupta, for the appellantMr V.Mannadiar, for respondent. CORAM: F.I.REBELLO & R.S.MOHITE, JJ.DATED: 18[th] February,2009 P.C.1. Revenue is in appeal against the order ofIT, allowing bad debts for the assessment yearl999-2000. CIT(A), confirmed the order of IT. IT(AO), initially in the case MS Kamal D Bhavani,had taken a view that as there was no bad debt,non existence of bad debt could not be written inthe books of account. On appeal before CIT(A), onthe contention advanced in the matter OFarbitration proceeding, the matter was referredback to A.O. The A.O has in the report admittedthe arbitration proceeding in respect of whichaward was made by the Arbitrator. Butsubsequently before in the High Court that awardwas set aside. Considering this factual finding,the bad debt was allowed. 2. In so far as M/s Padmalaya TirupatiSecurities Pvt Ltd, it was noted that there wasresolution of the Board of Directors to treat the bad debt. On these two concurrent findings onfacts and in the above light appeal would notlie. Consequently appeal dismissed. (R.S.MOHITE, J) (F.I.REBELLO, J)