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Dy. CIT CC 46 Versus M/s. Angel Commodities Broking P. Ltd.

2013 (7) TMI 1043 - ITAT MUMBAI

ITA No. 7026/Mum/2011 - Dated:- 10-7-2013 - SHRI B. RAMAKOTAIAH, ACCOUNTANT MEMBER AND SHRI VIVEK VARMA, JUDICIAL MEMBER Assessee by : Shri D.V. lakhani Revenue by : Shri Surinder Jit Singh O R D E R PER B. RAMAKOTAIAH, AM: This is a Revenue appeal a .....

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holding that deduction u/s.20,70,684/- on account of bad debts u/s. 3691)(viii) r.w.s. 36(2) of the I.T. Act, 1961 was allowable to the assessee in respect of the amounts, not recovered with regard to share transactions effected on behalf of its clie .....

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rokerage income and principal amount of claints can not be allowed as bad debts. Following the decision of ITAT Special Bench in the case of Shreyas Morkhia (42 DTR 320) the ld. CIT(A) allowed the amount. The revenue is aggrieved. 2.2 This issue is n .....

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'ble High Court in the case of CIT vs. Shreyas S. Morakhia (342 ITR 285) . Therefore, we see no reason to interfere with the order of CIT(A). Accordingly, the ground is rejected. 3. Ground No.2 is as under :- 2. On the facts and in the circumstan .....

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cted. 3.1 The issue is with reference to deletion of the addition of ₹ 18,08,586/- by holding that V-SAT and lease line charges can not be considered as rendering of technical services, hence, provisions of section 40(a)(ia) are not applicable. .....

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