2008 (8) TMI 140

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..... JUDGMENT The judgment of the court was delivered by BADAR DURREZ AHMED J.— This appeal filed by the Revenue pertains to the assessment year 2001-02 and arises out of the order dated June 22, 2006, passed by the Income-tax Appellate Tribunal (hereinafter referred to "the Tribunal") in I. T. A. No. 1516/Delhi/2004. The Revenue's appeal before the Tribunal involved the question whether t....

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....aid on the ground of insufficiency of funds. Thereafter, the board of directors of the assessee-company took a prudent business decision and passed a resolution on March 2, 2001, to negotiate the issue with the debtor company and to write off the amount to the extent it was irrecoverable. A compromise deed dated May 14, 2001, was also executed between the assessee-company and the said Sahani Silk ....

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....n of ITO v. Anil H. Rastogi reported in [2003] 86 ITD 193 (Mumbai) (TM) is squarely applicable in the appellant's case." 4. Before the Tribunal, as recorded in paragraph 5 of the impugned order, these findings recorded by the Commissioner of Income-tax (Appeals) had not been controverted by the Departmental representative during the course of hearing. The Tribunal came to the conclusion that th....