The Commissioner Of Income Tax, Central Iv, Mumbai v. M/S.triumph Securities Limited

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1706 OF 2011 The Commissioner of Income Tax, Central IV, Mumbai..Appellant. Versus M/s.Triumph Securities Limited..Respondent. Mr.Arvind Pinto i/by Ms.Padma Divakar for the appellant.Mr.Atul K Jasani for the respondent. CORAM : J.P. Devadhar &M.S. Sanklecha, JJ. DATE : 5[th] February 2013 P.C. : 1.In this appeal by the Revenue for assessment year 2004-2005, following question of law has been formulated for our consideration. “Whether on the facts and in the circumstances of the case and in law, the Tribunal was right in allowing deduction as bad debts under Section 36 of the Income Tax Act, 1961 to the assessee, who is a share brokers in respect of the amount which could not be recovered from its clients with regard to transactions effected by the assessee on behalf of his client ?” 2.Counsel for the parties state that the issue arising in this appeal is covered in favour of the assessee and against the Revenue by the decision of this Court in the matter of Commissioner of Income Tax V/s. Shreyas S. Morakhia reported in (2012) 342 ITR 285 (Bom). In view of the above, we do not entertain the question as formulated. 3.Accordingly, the appeal is dismissed with no order as to costs. (M.S. Sanklecha, J.) (J.P. Devadhar, J.)