2014 (3) TMI 1157

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....T 1. This Appeal questions the order passed by the Income Tax Appellate Tribunal on 10.4.2012. The Appellant is the assessee. The Assessment year is 2004-05. 2. In the submission of the learned counsel appearing for the Appellant, a substantial question of law would arise for consideration and that is whether the Tribunal erred in holding that the Appellant is not entitled to deduct Rs,.27,0....

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....ter the amendment of section 36 (i) (vii) of the Act with effect from 1.4.1989, has been omitted from consideration. Thirdly, in this case there was no dispute that the debt has been written off as bad in the accounts of the appellant-assessee. For all these reasons denial of the claim is untenable in law. The appeal deserves to be admitted. 4. It is not possible to accept these contentions for....

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....iability of income tax on taxable profit. The Tribunal has found that the assessee was doing business with its sister concern namely Sovereign Nariman Broking (P) Ltd whereas Sovereign Nariman Finvest Limited was acting as the assessee company's sub broker. That company was supposed to pay the assessee company Rs. 37.93 lacs till May 2003. From June 2003 to August 2003 the company made certain....