2013 (3) TMI 851

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.... on facts and hence, it is submitted that the same be cancelled and be suitably modified. 2. The learned CIT(Appeals) has gross erred in law and on facts of the case in confirming disallowance of the claim for deduction of bad debts amounting to Rs. 6,34,073/-. The learned CIT(A) has confirmed the disallowance holding that the appellant assessee is not in the business of money lending or banking business. While confirming the appellant's claim for bad debts amounting to Rs. 6,34,073/-, the learned CIT(Appeals) has grossly erred in law and on facts of the case in not appreciating the fact that the debt in question arose in the normal course of the appellant's business of hire purchase and leasing and that the income which accrued on....

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....d by this order of Ld. CIT(A) preferred appeal before the Tribunal. 4. Ld. Sr-AR Shri S.N.Soparkar, for the assessee submitted that issue involved in this case is squarely covered by the judgment of Hon'ble Bombay High Court rendered in the case of CIT, Central II v. Shreyas S. Morakhia (2012) 19 taxmann. Commissioner 64 (Bom.) He also placed reliance on the decision of the Hon'ble Co-ordinate Bench rendered in the case of DCIT v. Wall Street Finance Ltd. in ITA No. 7022/Mum/2008 dated 30-04-2010, whereas Ld. SR-DR, Shri Rahul Kumar for the Revenue supported the orders of authorities below. 5. We have heard the rival submissions, perused the materials available on record, gone through the orders of authorities below and judgments cite....