The Commissioner Of Income Tax – 5, Mumbai v. Apigo Credit And Capital P. Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.2482 OF 2010 The Commissioner of Income Tax – 5, Mumbai ..Appellant. Versus Apigo Credit and Capital P. Limited..Respondent. Mr.Vimal Gupta for the appellant.Dr.Daniel with Mr.V.S. Hadade for the respondent. P.C. : CORAM : J.P. Devadhar &K.K. Tated, JJ. DATE : 13[th] October 2011 1.Whether the Income Tax Appellate Tribunal was justified in allowing the claim of the assessee relating to the bad debt as business loss under Section 28(i) of the Income Tax Act, 1961 is the question raised in this appeal. 2.The assessment year involved in AY 2005-2006. 3.In the assessment year in question, the assessing officer has disallowed the claim of the assessee regarding bad debts. The Commissioner of Income Tax (Appeals) allowed the claim of the assessee by treating it to be a business loss allowable under Section 28(i) of the Income Tax Act, 1961. 4.In the present case, it is not in dispute that the claim of the assessee is allowable under Section 28(i) of the Income Tax Act, 1961. The Income Tax Appellate Tribunal has recorded a finding of fact that the loss incurred by the assessee is a business loss. 5.In this view of the matter, no fault can be found with the order of the Income Tax Appellate Tribunal. The appeal is accordingly dismissed with no order as to costs. (K.K. Tated, J.) (J.P. Devadhar, J.)