1988 (1) TMI 15

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....has been, at the instance of the assessee, referred to us by the Income-tax Appellate Tribunal, Cochin Bench: " Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that a sum of Rs. 19,54,685 due from M/s. Koolfoam Pvt. Ltd. and a sum of Rs. 1,67,160 due from M/s. Stella Rubber Works should be treated as the assets of the firm of M/s. Heaveatex Rubber C....

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....istant Commissioner. But his decision was reversed by the Income-tax Appellate Tribunal. The Tribunal held in paragraph 5 of its order as follows: " 5. We have considered the matter. It is not disputed that the claim of the firm to write off of the amount as bad debt has been disallowed in the income-tax assessment. This has become final. The firm cannot, therefore, claim the amount as bad debt....