TMI Blog2010 (2) TMI 408X X X X Extracts X X X X X X X X Extracts X X X X ..... ey lending business constituted business income. - 2 of 2010 - - - Dated:- 8-2-2010 - M.M. KUMAR and JITENDRA CHAUHAN JJ Vivek Sethi for the appellant, JUDGMENT The judgment of the court was delivered by 1. M. M. Kumar J.-The instant appeal filed by the Revenue under section 260A of the Income-tax Act, 1961 (for brevity, "the Act") is directed against the order dated February 27, 2009, passed by the Income-tax Appellate Tribunal, Chandigarh Bench, Chandigarh (for brevity, "the Tribunal"), in I.T.A. No. 498/Chandi/2008, in respect of the assessment year 2004-05. 2. The brief facts of the case are that the assessee-respondent is engaged in the business of sale and purchase of units of mutual funds and money lending bus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penses account in the assessment year 2004-05, it would give double benefit to the assessee-respondent. The Assessing Officer further observed that the assessee-respondent was earlier dealing in the business of cycle and auto parts and exporting the same during the assessment years 1996-97 and 1997-98. However, during the assessment year 2004-05 there was a change of business because now the assessee-respondent is dealing in units of mutual funds and earning interest income. Accordingly, the Assessing Officer disallowed the claim of the assessee-respondent on account of bad debts written off, amounting to Rs. 56,66,950 and Rs.2,57,502 and added the same to the income of the assessee-respondent. 3. The Assessing Officer further found that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rces", the Commissioner of Income-tax (Appeals) treated the income earned on FDRs amounting to Rs. 38,63,248 as "Income from other sources"and the balance income of Rs. 58,25,482, which was claimed to be pertaining to the money-lending business, has been held to be the business income of the assessee-respondent and allowed the benefit of set off of the brought forward business losses out of this income. Against the order dated March 6, 2008, passed by the Com- missioner of Income-tax (Appeals), the Revenue-appellant filed an appeal before the Tribunal. The Tribunal confirmed the order of the Commissioner of Income-tax (Appeals) in deleting the addition made on account of disallowance of bad debts written off in view of the provisions of sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peals) is that the amount of deductions in all under section 80HHC comes to Rs. 56,66,950. In respect of the assessment year 1997-98, deduction is Rs. 29,39,114 while for the assessment year 1996-97, it is Rs. 27,27,836. The Tribunal further referred to the finding of the Commissioner of Income-tax (Appeals) that the aforesaid factual position has remain unrebutted by the Revenue-appellant as no effort has been made to dislodge the stand of the assessee-respondent on the basis of any cogent material. Such being the nature of finding of fact, we do not think that any question of law much less a substantial question of law, within the meaning of section 260A, would arise for determination by this court. 8. The other question with regard to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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