The Commissioner Of Income Tax v. M/S.parshva Securities P.ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1247 OF 2007 INCOME TAX APPEAL NO.1247 OF 2007 The Commissioner of Income Tax .. Appellant Vs. M/s.Parshva Securities P.Ltd. .. Respondent Mr.Vimal Gupta for the Appellant. Mr.Sanjiv M.Shah for the Respondent. CORAM :- DR.S.RADHAKRISHNAN & S.J.KATHAWALLA, JJ. CORAM :- DR.S.RADHAKRISHNAN & S.J.KATHAWALLA, JJ. DATE : 1st August, 2008 P.C. P.C. 1. Heard the learned Counsel for the parties. By this Appeal, the Appellant has sought to raise the following two substantial questions of law:- (a) Whether on the facts and circumstances of the case and in law, the Hon’ble Tribunal has erred in upholding the order of the learned CIT (A) who had deleted the disallowance on account of bad debts relying upon the various judgments of the Tribunal Bench? (b) Whether on the facts and circumstances of the case and in law, the Hon’ble Tribunal has erred in not appreciating that the provisions of Section 36(1) (vii) do not permit an Assessee to Write Off the bad debt merely because the Assessee had written it off or recovery has become difficult and that the Assessee had to prove that the debt written off became bad? 2. Perused the order of the Income Tax Appellate Tribunal dated 9.5.2007, wherein, in paragraph Nos.7 & 9 the Tribunal has quoted the findings, and in view of the same, this Appeal pertains to finding of fact and there is no question of law involved in this Appeal. Hence, the Appeal stands dismissed. (S.J.KATHAWALLA, J.) (DR.S.RADHAKRISHNAN,J.)