The Commissioner Of Income Tax v. M/S. Fomento Finance And Investment Pvt Ltd

IN THE HIGH COURT OF BOMBAY AT GOA TAX APPEAL NO. 2 OF 2010 THE COMMISSIONER OF INCOME TAX VersusM/S. FOMENTO FINANCE AND INVESTMENT PVT LTD ... Appellant ... Respondent Mr. S. R. Rivonkar, Advocate for the Appellant.Mr. N. Thakkar and Mr. Sudin M.S. Usgaonkar, Advocates forRespondent. P.C.: -Coram:NARESH H. PATIL &N. A. BRITTO, JJ.-Date:3rd March, 2010 Heard. 2. The learned Counsel Shri Rivonkar submits that in the facts ofthe case, the judgment relied upon by the ITAT is not applicable. The Counsel submits that the bad debt shown by therespondent-company has been shown by M/s. Ratnalaya Pvt. Ltd.(RPL) as expenses on account of the respondent-company. TheCounsel submits that the respondent-company has not evencommunicated M/s. Ratnalaya Pvt. Ltd. (RPL) a sister concernregarding payment of the amount shown as bad debt. 3. The learned Counsel appearing for the respondent submits that inthe present appeal the questions of facts cannot be raised by theappellant. Reliance is placed on the order passed by the Apex Courtin Civil Appeal No. 5293 of 2003 and the amended provisions of theIncome Tax Act post-1st April, 1989. 4. Considering the facts of the case and the order passed by theApex Court, cited supra, we find that the appellant has not raised anysubstantial questions of law in this appeal. The appeal is accordinglydismissed. NARESH H. PATIL, J. NH N. A. BRITTO, J.