9911796707
TMI Blog2009 (7) TMI 894X X X X Extracts X X X X X X X X Extracts X X X X ..... re that the assessee/respondent herein is a member of the Delhi Stock Exchange and is carrying on the business of shares and stock broking along with the allied activities such as broker/sub-broker, underwriters to new issues of shares, debentures and securities of all kinds, brokers and fixed deposit of companies, trading in shares, investment consultants, etc. The assessee had purchased shares o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.41,37,881 as "bad debt" under section 36(1)(vii) of the Income-tax Act, 1961 (for short, the "Act").This deduction was initially disallowed by the assessing authority, which was affirmed by the Commissioner of Income-tax in appeal, but the Income-tax Appellate Tribunal, in the appeal preferred by the assessee, has allowed the said deduction, vide its impugned order dated September 8, 2006. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived only a sum of Rs. 64 lakhs. The brokerage which was received in the aforesaid transaction was shown as income by the assessee in the previous year, which was taxed as such as well by the assessing authority. Under these circumstances, only because shares were not delivered for want of full payment, which was to be made by the sub-broker to the assessee, it cannot be said that there was no t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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