TaxTMI 
TaxTMI 
2013 (2) TMI 884
X X X X Extracts X X X X
X X X X Extracts X X X X
....ter was mentioned yesterday by Mr. N.N. Singh, counsel for the revenue. At his specific request this matter was placed on board today to be heard along with Income Tax Appeal No.1107 of 202. The matter is first on Board along with Income Tax Appeal No.1107 of 2012. The counsel Mr.N.N. Singh is not present. However, as the matter has been specifically kept for today, we proceed to hear of the matte....
X X X X Extracts X X X X
X X X X Extracts X X X X
....g the ratio of jurisdictional High Court in the case of CIT V/s. Dresser Rand IP Ltd. reported in 323 ITR 429 to the present case ? (c) Whether on the facts and circumstances of the case and in law, the ITAT, Mumbai was justified deleting the disallowance of ₹ 48,00,000/- being the amount written off by the assessee on account of inter corporate deposits (ICD) and in ignoring the fact tha....
X X X X Extracts X X X X
X X X X Extracts X X X X
....unt written off on account of the intercorporate deposit is allowable as a business loss or as a bad debt ? (ii) The respondent-assessee had advanced as intercorporate deposits of various amounts to about 15 companies and the interest earned on them were offered for tax. The respondent-assessee had advanced as intercorporate deposit an amount of ₹ 50 lakhs to one Vitara Chemicals Ltd. dur....
X X X X Extracts X X X X
X X X X Extracts X X X X
....(A). The case of the revenue that the loss had nothing to do with the business of the assessee and, therefore, could not be allowed as business loss was negatived by the Tribunal with a finding of fact that the respondent-assessee was lending its surplus money as intercorporate deposits and the interest earned on the same were being subjected to tax as income from business. Consequently, the same ....