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2017 (3) TMI 1517 - BOMBAY HIGH COURTDeduction of write-off of advances made to another concern whose business was inextricably connected with the assessee's business disallowed - Held that:- We find that the impugned order of the Tribunal on the basis of the record before it has rendered a finding of fact that the bank guarantee of only ₹ 41.75 lakhs was given at the instance of appellant-assessee by its bankers to the customers of M/s. MPFSL and the same alone could be allowed as business losses. There is nothing in the impugned order of the Tribunal to indicate that bank guarantee was given at the instance of the appellant-assessee exceeding ₹ 41.75 lakhs to the customers of M/s. MPFSL. No fault can be found with the impugned order of the Tribunal. Deduction in respect of site expenses disallowed - Held that:- Tribunal renders a finding of fact that although the provision of ₹ 12.22 lakhs was made in respect of purchases for the Assessment year 2005-06 the purchase orders were placed in the next Assessment year i.e. 8th April, 2005 and 12th May, 2005. Thus this expenditure related to a subsequent year and could not be booked in the subject Assessment Year as “provision for site expenses”. Therefore the impugned order of the Tribunal has upheld the order of the CIT(A) and disallowed the claim of the appellant-assessee. We find that the finding of the fact arrived at by the Tribunal, that purchase orders for items in respect of which provision is made were in fact placed in the subsequent year. This finding of fact is not shown to be incorrect and/or perverse.
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