The Commissioner of Income-tax-10 v. S.S. Kantilal Ishwarlal Securities Ltd - 2014-LL-1127-67

Citation	2014-LL-1127-67
Appellant Name	The Commissioner of Income-tax-10
Respondent Name	S.S. Kantilal Ishwarlal Securities Ltd.
Court	HIGH COURT OF BOMBAY
Relevant Act	Income-tax
Date of Order	27/11/2014
Judgment	View Judgment
Keyword Tags	write off of bad debts • bona fide claim • foreign institutional investor • recovery proceeding • disallowance of claim • commission • error apparent on face of record
Bot Summary:	CORAM: S.C. DHARMADHIKARI AND A.A. SAYED, JJ. DATE : 27th NOVEMBER, 2014 P.C.: The Tribunal and the Commissioner both have concurred in holding that the only issue and pertaining to bad debts being written off which has been addressed by Mr. Tejveer Singh is a genuine and bonafide claim. All the parties whose name were mentioned in respect of which the bad debt is claimed is a genuine party. The Assessing Officer could not have held otherwise and that the debts could not have written off by the Assessee as bad debts. The Revenue having not been produced the record, he disallowed the claim. The Commissioner has given detailed reasoning for allowing the claim. The Assessee has also produced the necessary records including the commission on the transactions. The factual findings of the Tribunal upholding that of the Commissioner cannot be termed as perverse.

8.itxa1539.12.doc sbw IN HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.1539 OF 2012 Commissioner of Income Tax 10 ..Appellant Versus S.S. Kantilal Ishwarlal Securities Ltd. ..Respondent ........... Mr. Tejveer Singh for Appellant. Mr. Hiro Rai i/b. Subhash Shetty for Respondent. ........... CORAM: S.C. DHARMADHIKARI AND A.A. SAYED, JJ. DATE : 27th NOVEMBER, 2014 P.C.: Tribunal and Commissioner both have concurred in holding that only issue and pertaining to bad debts being written off which has been addressed by Mr. Tejveer Singh is genuine and bonafide claim. Assessee was having foreign institutional investors as client. All parties whose name were mentioned in respect of which bad debt is claimed is genuine party. Assessing Officer, therefore, could not have held otherwise and that debts could not have written off by Assessee as bad debts. However, he insisted that Assessee must produce some record of his having raised this issue before Stock Exchange 1/2 ::: Uploaded on - 01/12/2014 ::: Downloaded on - 20/04/2020 08:51:16 ::: 8.itxa1539.12.doc Arbitration Committee for purposes of recovery. That means he should have shown proof of some legal proceeding initiated and instituted by him for recovery. Revenue having not been produced record, he disallowed claim. Commissioner and Tribunal both concluded after finding that there was no basis for such approach by Assessing Officer and in law. Commissioner has given detailed reasoning for allowing claim. Assessee has also produced necessary records including commission on transactions. In such circumstances, factual findings of Tribunal upholding that of Commissioner cannot be termed as perverse. They are not vitiated by any error of law apparent on face of record. There is no merit in this Appeal. It is, accordingly, dismissed. No costs. (A. A. SAYED, J.) (S.C. DHARMADHIKARI, J.) wadhwa 2/2 ::: Uploaded on - 01/12/2014 ::: Downloaded on - 20/04/2020 08:51:16 ::: Commissioner of Income-tax-10 v. S.S. Kantilal Ishwarlal Securities Ltd

Metadata

Judgment