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Commissioner of Income Tax Central-IV Versus M/s Triumph International Finance India Ltd.

2016 (2) TMI 669 - BOMBAY HIGH COURT

Appeal is admitted on substantial Question No. (1).

Whether on the facts and in the circumstances of the case and in law, the Tribunal after having noted that the SEBI had cancelled the registration of the Company and SEBI's order was confirmed by the Supreme Court ought to have held that as no legal business activity could be undertaken the loss on account of trading in shares could not be construed as business loss? - Income Tax Appeal No. 2329/2013 - Dated:- 9-12-2015 - M. S. Sankl .....

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case and in law, the Tribunal after having noted that the SEBI had cancelled the registration of the Company and SEBI's order was confirmed by the Supreme Court ought to have held that as no legal business activity could be undertaken the loss on account of trading in shares could not be construed as business loss? (2): Whether on the facts and in the circumstances of the case, the Tribunal was justified in allowing deduction of bad debts under section 36 of the Income Tax Act, in respect o .....

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f the AO overriding the direction of the CIT(A) treating interest from fixed deposits, interest and miscellaneous income under the head income from other sources, since with the debarment of the company from business this income could not be considered as business income? (5) Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding the interest on fixed deposits be considered as business income ignoring the crucial fact that there could not be any business .....

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aggregating to ₹ 38.68 Crores. This was on account of amounts not recoverable pertaining to its stock broking business. The Respondent-assessee had offered the brokerage due from the eight parties as part of its income in an earlier assessment year. During the subject assessment year, the Respondent-assessee claimed bad debts not only in respect of the brokerage amount but also the principal amount which was not forthcoming from their constituents. The Assessing Officer disallowed the enti .....

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ores to the income of the Respondent-assessee. (b) In Appeal, the CIT(A) confirmed the findings of the Assessing Officer holding that the amount returned as bad debts had not been offered as income in the past. In the circumstance, it held that the claim for bad debts was justly disallowed. (c) On further appeal, the Tribunal by the impugned order noted that out of the eight parties in respect of whom the bad debts is claimed, seven are independent third parties and only one of them, namely, M/s .....

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Commissioner of Income Tax v/s Shreyas S. Morakhia reported in 342 ITR 285 in allowing the relief of bad debts in respect of the seven independent parties who are its constituents in the share brokerage business. So far as the associated party is concerned, the issue has been restored to the Assessing Officer for fresh consideration. Thus, allowing the appeal of the Respondent-Assessee. (d) Mr. Pinto, learned counsel for the Revenue does not dispute that the issue arising herein is covered by t .....

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