CIT v. Bonanza Portfolio Ltd.

320 ITR 178High Court2010#5767 most cited

What is CIT v. Bonanza Portfolio Ltd. authority for?

Money receivable from a client, in respect of sale/purchase of shares, which has become bad, is to be treated as a bad debt and the deduction is available to the assessee for the total debt amount, including the principal and interest.

20

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2016 to 2024.

Also referred to as

CIT v. Bonanza Portfolio Ltd. · bad debt · deduction · Section 36(1)(vii) · Section 36(2) · debt written off · interest and principal

Read the full judgment

Judgments citing CIT v. Bonanza Portfolio Ltd.

ACIT, CIRCLE 1(1), CHANDIGARH vs. M/S SML ISUZU LTD., CHANDIGARH

ITA 644/CHANDI/2022[2015-16]Status: DisposedITAT Chandigarh18 Sept 2024AY 2015-16

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

For Appellant: Shri Rohit Jain, Advocate and Ms. Somya Jain, C.AFor Respondent: Shri Vivek Vardhan, JCIT, Sr. DR
Section 143(2)Section 143(3)Section 147Section 148Section 250Section 253Section 3

…s, deduction of bad debt is available to the assessee qua the total amount (i.e; interest and principal ) of debt written off- - CIT v. T. Veerabhadra Rao: 155 ITR 152 (SC) - CIT v. D B (India) Securities Ltd: 318 ITR 26 (Del) - CIT v. Bonanza Portfolio Ltd: 320 ITR 178 (Del) - CIT v. Shreyas S. Morakhia: 342 ITR 285 (Bom.) - CIT v. Pudumjee Pulp & Paper Mills Ltd.: 235 Taxman 451 (Bom.) - Angel Capital and Debt Market Ltd. v. ACIT: 118 TTJ 351 (Mum ITAT) - Angel Commodities Broking (P.) Ltd. v. DCIT: 164 TTJ 275 (Mum ITAT) - FedEx Express Transportation & Supply Chain Services India (P.) Ltd. v. DCIT: 169 TTJ 7…

THE DCIT, GANDHINAGAR CIRCLE,, GANDHINAGAR vs. GUJARAT GAS FINANCIAL SERVICES LTD.,, AHMEDABAD

In the result, both the appeals filed by the revenue are dismissed

ITA 2951/AHD/2016[2001-02]Status: DisposedITAT Ahmedabad01 Feb 2021AY 2001-02
For Appellant: Shri S.N. Soparkar, Sr. A.R. &For Respondent: Shri L.P. Jain, Sr. D.R
Section 143(3)

…ent of Hon'ble Bombay High Court rendered in the case of Shreyas S Morakhia (supra) and we find that in this judgment, Hon'ble Bombay High Court has followed the decision of Hon'ble Delhi High Court rendered in the case of CIT v. Bonanza Portfolio Ltd. (2010) 320 ITR 178 (Del) and the relevant portion of the judgment of Hon'ble Delhi High court is as under:- "... the money receivable from the client has to be treated as "debt" and since it became bad, it was rightly considered as 'bad debt" and claimed as such by the assessee in the books of account. Since this bad debt occurred in the year in question, it was sh…

M/S. RELIGARE SECURITIES LTD.,NEW DELHI vs. ACIT, NEW DELHI

The appeal of the assessee stands allowed in terms of our directions contained in the preceding

ITA 2282/DEL/2013[2008-09]Status: DisposedITAT Delhi13 Dec 2019AY 2008-09

Bench: Shri N.K. Billaiya & Shri Sudhanshu Srivastavaasstt. Year: 2008-09

For Appellant: Shri Rohit Jain, AdvocateFor Respondent: Smt. Sulekha Verma, CIT(DR)
Section 143(1)Section 14ASection 28Section 36Section 36(1)(ii)Section 37(1)

…ncome, the condition laid down in section 36(2) of the Act would be said 41 M/s. Religare Securities Ltd. vs ACIT to have been satisfied. We draw support from the judgment of the Hon’ble Delhi High Court in the case of CIT vs. Bonanza Portfolio Ltd. (2010) 320 ITR 178 (Delhi) wherein the Hon’ble Delhi High Court was considering the question “whether in view of the provisions of section 36(1)(vii), the total debit balance including the consideration collectible by the assessee company for the sale/purchase of shares can be claimed by the assessee as bad debts when the assessee company had only credited broker…

KIFS SECURITIES PVT. LTD.,,AHMEDABAD vs. THE ACIT, CIRCLE-1(3),, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

ITA 63/AHD/2017[2013-14]Status: DisposedITAT Ahmedabad29 Nov 2019AY 2013-14

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 111ASection 143(3)Section 14ASection 43B

…been specified. 9. Assessee carried the matter before the Id. CIT(A) and reiterated its claim of bad debt. After considering the facts and the submissions and drawing support from the decision of Hon'ble Delhi High Court in the case of Bonanza portfolio Ltd. 320 ITR 178 and also relying upon the decision of the Tribunal, Ahmedabad Bench in the case KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 Rameshchandra D. Chokshi in ITA No. 1015/Ahd/08, the Id. CIT(A) deleted the additions. 10. Aggrieved by this the reven…

KIFS SECURITIES PVT. LTD.,,AHMEDABAD vs. THE ACIT, CIRCLE-1(3), AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

ITA 1885/AHD/2017[2014-15]Status: DisposedITAT Ahmedabad29 Nov 2019AY 2014-15

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 111ASection 143(3)Section 14ASection 43B

…been specified. 9. Assessee carried the matter before the Id. CIT(A) and reiterated its claim of bad debt. After considering the facts and the submissions and drawing support from the decision of Hon'ble Delhi High Court in the case of Bonanza portfolio Ltd. 320 ITR 178 and also relying upon the decision of the Tribunal, Ahmedabad Bench in the case KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 Rameshchandra D. Chokshi in ITA No. 1015/Ahd/08, the Id. CIT(A) deleted the additions. 10. Aggrieved by this the reven…

DY.COMMISSIONER OF INCOME TAX CIRCLE-1(3),, AHMEDABAD vs. KIFS PVT.LTD.,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

ITA 914/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad29 Nov 2019AY 2012-13

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 111ASection 143(3)Section 14ASection 43B

…been specified. 9. Assessee carried the matter before the Id. CIT(A) and reiterated its claim of bad debt. After considering the facts and the submissions and drawing support from the decision of Hon'ble Delhi High Court in the case of Bonanza portfolio Ltd. 320 ITR 178 and also relying upon the decision of the Tribunal, Ahmedabad Bench in the case KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 Rameshchandra D. Chokshi in ITA No. 1015/Ahd/08, the Id. CIT(A) deleted the additions. 10. Aggrieved by this the reven…

KIFS SECURITIES PVT. LTD.,AHMEDABAD vs. THE ACIT, CIRCLE-1(3), AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

ITA 786/AHD/2016[2012-13]Status: DisposedITAT Ahmedabad29 Nov 2019AY 2012-13

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 111ASection 143(3)Section 14ASection 43B

…been specified. 9. Assessee carried the matter before the Id. CIT(A) and reiterated its claim of bad debt. After considering the facts and the submissions and drawing support from the decision of Hon'ble Delhi High Court in the case of Bonanza portfolio Ltd. 320 ITR 178 and also relying upon the decision of the Tribunal, Ahmedabad Bench in the case KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 Rameshchandra D. Chokshi in ITA No. 1015/Ahd/08, the Id. CIT(A) deleted the additions. 10. Aggrieved by this the reven…

THE DY. CIT., CIRCLE-3,, AHMEDABAD vs. KHANDWALA INTEGRATED FINANCIAL SERVICES PVT. LTD, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

ITA 932/AHD/2014[2010-11]Status: DisposedITAT Ahmedabad29 Nov 2019AY 2010-11

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 111ASection 143(3)Section 14ASection 43B

…been specified. 9. Assessee carried the matter before the Id. CIT(A) and reiterated its claim of bad debt. After considering the facts and the submissions and drawing support from the decision of Hon'ble Delhi High Court in the case of Bonanza portfolio Ltd. 320 ITR 178 and also relying upon the decision of the Tribunal, Ahmedabad Bench in the case KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 Rameshchandra D. Chokshi in ITA No. 1015/Ahd/08, the Id. CIT(A) deleted the additions. 10. Aggrieved by this the reven…

KIFS SECURITIES LTD.,,AHMEDABAD vs. THE JT.CIT, RANGE- 3,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

ITA 643/AHD/2014[2010-11]Status: DisposedITAT Ahmedabad29 Nov 2019AY 2010-11

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 111ASection 143(3)Section 14ASection 43B

…been specified. 9. Assessee carried the matter before the Id. CIT(A) and reiterated its claim of bad debt. After considering the facts and the submissions and drawing support from the decision of Hon'ble Delhi High Court in the case of Bonanza portfolio Ltd. 320 ITR 178 and also relying upon the decision of the Tribunal, Ahmedabad Bench in the case KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 Rameshchandra D. Chokshi in ITA No. 1015/Ahd/08, the Id. CIT(A) deleted the additions. 10. Aggrieved by this the reven…

THE ACIT, CIRCLE-3,, AHMEDABAD vs. KIFS SECURITIES LIMITED,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

ITA 2882/AHD/2014[2011-12]Status: DisposedITAT Ahmedabad29 Nov 2019AY 2011-12

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 111ASection 143(3)Section 14ASection 43B

…been specified. 9. Assessee carried the matter before the Id. CIT(A) and reiterated its claim of bad debt. After considering the facts and the submissions and drawing support from the decision of Hon'ble Delhi High Court in the case of Bonanza portfolio Ltd. 320 ITR 178 and also relying upon the decision of the Tribunal, Ahmedabad Bench in the case KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 Rameshchandra D. Chokshi in ITA No. 1015/Ahd/08, the Id. CIT(A) deleted the additions. 10. Aggrieved by this the reven…

KIFS SECURITIES LTD.,,AHMEDABAD vs. THE JT.CIT, RANGE- 3,, AHMEDABAD

In the result Ground No.9 of the revenue is allowed for

ITA 2717/AHD/2014[2011-12]Status: DisposedITAT Ahmedabad29 Nov 2019AY 2011-12

Bench: Hon'Ble Justice P.P.Bhatt & Hon'Ble Manish Borad

Section 111ASection 143(3)Section 14ASection 43B

…been specified. 9. Assessee carried the matter before the Id. CIT(A) and reiterated its claim of bad debt. After considering the facts and the submissions and drawing support from the decision of Hon'ble Delhi High Court in the case of Bonanza portfolio Ltd. 320 ITR 178 and also relying upon the decision of the Tribunal, Ahmedabad Bench in the case KIFS Securities Ltd & Khandwala Integrated Financial Services P. Ltd, ITA Nos.643, 2717, 2882/Ahd/14, 786, 914/Ahd/16,63,1885/Ahd/17 & 932/Ahd/2014 Rameshchandra D. Chokshi in ITA No. 1015/Ahd/08, the Id. CIT(A) deleted the additions. 10. Aggrieved by this the reven…

SHRI DINESH CHHAGANLAL THAKKAR,,AHMEDABAD vs. THE INCOME TAX OFFICER, WARD-5(2)(3),, AHMEDABAD

In the result, the appeal filed by the assessee is partly allowed

ITA 54/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad24 Jun 2019AY 2012-13
For Appellant: Shri A.L. Thakkar, A.RFor Respondent: Shri L.P. Jain, Sr.DR

…our considered view, such loss is a business loss and the same is eligible for deduction as bad debts. 11.2 In holding so, we find support and guidance from the judgment of Hon’ble Delhi High Court in the case of CIT versus Bonanza Portfolio Ltd. reported in 320 ITR 178 wherein it was held as under: “Held that the money receivable from the client had to be treated as 'debt' and since it became bad, it was rightly considered as 'bad debt' and claimed as such by the assessee in the books of account. Since this bad debt occurred in the year in question, it was shown by the assessee in that manner. Since the brokera…

DCIT CEN CIR 3(3) CEN RG 3, MUMBAI vs. SHAREKHAN LTD, MUMBAI

ITA 1187/MUM/2017[2012-13]Status: DisposedITAT Mumbai03 Jul 2018AY 2012-13

Bench: Shri Joginder Singh & Shri N.K. Pradhan

Section 14ASection 36(1)(iii)

…ctions effected by him on behalf of his clients. The Hon'ble Court while coming to a particular conclusion followed the decision from Hon'ble Delhi High Court CIT v. 24 M/s Sharekhan Ltd. ITA Nos.469, 469, 1187 & 1188/Mum/2017 BONANZA PORTFOLIO LTD. [2010] 320 ITR 178 (Delhi) and affirmed the decision of the Tribunal of the Special Bench in the case of DEPUTY CIT v. SHREYAS S. MORAKHIA [2010] 5 ITR (Trib) 1 (Mumbai) and also considered the decisions in CIT v. Bonanza Portfolio Ltd. [2010] 320 ITR 178 (Delhi) (para 13), CIT v. Bonanza Portfolio Ltd. [2010] 328 ITR (St.) 9 (SC) (para 13), CIT (Deputy) v. Shr…

DCIT CEN CIR 3(3) CEN RG 3, MUMBAI vs. SHAREKHAN LTD, MUMBAI

ITA 1188/MUM/2017[2013-14]Status: DisposedITAT Mumbai03 Jul 2018AY 2013-14

Bench: Shri Joginder Singh & Shri N.K. Pradhan

Section 14ASection 36(1)(iii)

…ctions effected by him on behalf of his clients. The Hon'ble Court while coming to a particular conclusion followed the decision from Hon'ble Delhi High Court CIT v. 24 M/s Sharekhan Ltd. ITA Nos.469, 469, 1187 & 1188/Mum/2017 BONANZA PORTFOLIO LTD. [2010] 320 ITR 178 (Delhi) and affirmed the decision of the Tribunal of the Special Bench in the case of DEPUTY CIT v. SHREYAS S. MORAKHIA [2010] 5 ITR (Trib) 1 (Mumbai) and also considered the decisions in CIT v. Bonanza Portfolio Ltd. [2010] 320 ITR 178 (Delhi) (para 13), CIT v. Bonanza Portfolio Ltd. [2010] 328 ITR (St.) 9 (SC) (para 13), CIT (Deputy) v. Shr…

SHAREKHAN LTD,MUMBAI vs. DCIT CC 3(3), MUMBAI

ITA 469/MUM/2017[2013-14]Status: DisposedITAT Mumbai03 Jul 2018AY 2013-14

Bench: Shri Joginder Singh & Shri N.K. Pradhan

Section 14ASection 36(1)(iii)

…ctions effected by him on behalf of his clients. The Hon'ble Court while coming to a particular conclusion followed the decision from Hon'ble Delhi High Court CIT v. 24 M/s Sharekhan Ltd. ITA Nos.469, 469, 1187 & 1188/Mum/2017 BONANZA PORTFOLIO LTD. [2010] 320 ITR 178 (Delhi) and affirmed the decision of the Tribunal of the Special Bench in the case of DEPUTY CIT v. SHREYAS S. MORAKHIA [2010] 5 ITR (Trib) 1 (Mumbai) and also considered the decisions in CIT v. Bonanza Portfolio Ltd. [2010] 320 ITR 178 (Delhi) (para 13), CIT v. Bonanza Portfolio Ltd. [2010] 328 ITR (St.) 9 (SC) (para 13), CIT (Deputy) v. Shr…

SHAREKHAN LTD,MUMBAI vs. ACIT CC 3(3), MUMBAI

ITA 468/MUM/2017[2012-13]Status: DisposedITAT Mumbai03 Jul 2018AY 2012-13

Bench: Shri Joginder Singh & Shri N.K. Pradhan

Section 14ASection 36(1)(iii)

…ctions effected by him on behalf of his clients. The Hon'ble Court while coming to a particular conclusion followed the decision from Hon'ble Delhi High Court CIT v. 24 M/s Sharekhan Ltd. ITA Nos.469, 469, 1187 & 1188/Mum/2017 BONANZA PORTFOLIO LTD. [2010] 320 ITR 178 (Delhi) and affirmed the decision of the Tribunal of the Special Bench in the case of DEPUTY CIT v. SHREYAS S. MORAKHIA [2010] 5 ITR (Trib) 1 (Mumbai) and also considered the decisions in CIT v. Bonanza Portfolio Ltd. [2010] 320 ITR 178 (Delhi) (para 13), CIT v. Bonanza Portfolio Ltd. [2010] 328 ITR (St.) 9 (SC) (para 13), CIT (Deputy) v. Shr…

A.C.I.T CIR - 46,KOLKATA, KOLKATA vs. THE BANTRA CO - OPERATIVE BANK LTD, HOWRAH

In the result, the appeal of the assessee is allowed for statistical purposes and appeal of the revenue is dismissed

ITA 2153/KOL/2013[2008-09]Status: DisposedITAT Kolkata28 Mar 2018AY 2008-09

Bench: Hon’Ble Shri M.Balaganesh, Am & Hon’Ble Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 1936 /Kol/2013 Assessment Year : 2008-09 The Bantra Co-Operative Bank Ltd. -Vs- Ito, Ward-46(4), Kolkata. [Pan: Aabct 2605 G] (Appellant) (Respondent) I.T.A No. 2153 /Kol/2013 Assessment Year : 2008-09 Ito, Ward-46(4), Kolkata. -Vs- The Bantra Co-Operative Bank Ltd. [Pan: Aabct 2605 G] (Appellant) (Respondent)

For Appellant: Shri D. S. Damle, FCAFor Respondent: Shri S. Dasgupta, Addl. CIT(DR)
Section 143(3)Section 28

…the question of law as formulated in the affirmative and in favour of the assessee. There shall be no order as to costs. 3.2.1. We find that a similar view has been taken by the Hon’ble Delhi High Court in the case of CIT vs Bonanza Portfolio Ltd reported in 320 ITR 178 (Del), wherein the monies receivable from the client was treated as a debt and hence irrecoverability of the same is liable to be treated as a bad debt and write off of such bad debt would be squarely allowable as deduction. The similar is the situation in the facts of the present case. It is not in dispute that the WB Treasury was not able to tr…

THE BANTRA CO - OPERATIVE BANK LTD,HOWRAH vs. I.T.O WD - 46(4),KOLKATA, KOLKATA

In the result, the appeal of the assessee is allowed for statistical purposes and appeal of the revenue is dismissed

ITA 1936/KOL/2013[2008-09]Status: DisposedITAT Kolkata28 Mar 2018AY 2008-09

Bench: Hon’Ble Shri M.Balaganesh, Am & Hon’Ble Shri S.S.Viswanethra Ravi, Jm] I.T.A No. 1936 /Kol/2013 Assessment Year : 2008-09 The Bantra Co-Operative Bank Ltd. -Vs- Ito, Ward-46(4), Kolkata. [Pan: Aabct 2605 G] (Appellant) (Respondent) I.T.A No. 2153 /Kol/2013 Assessment Year : 2008-09 Ito, Ward-46(4), Kolkata. -Vs- The Bantra Co-Operative Bank Ltd. [Pan: Aabct 2605 G] (Appellant) (Respondent)

For Appellant: Shri D. S. Damle, FCAFor Respondent: Shri S. Dasgupta, Addl. CIT(DR)
Section 143(3)Section 28

…the question of law as formulated in the affirmative and in favour of the assessee. There shall be no order as to costs. 3.2.1. We find that a similar view has been taken by the Hon’ble Delhi High Court in the case of CIT vs Bonanza Portfolio Ltd reported in 320 ITR 178 (Del), wherein the monies receivable from the client was treated as a debt and hence irrecoverability of the same is liable to be treated as a bad debt and write off of such bad debt would be squarely allowable as deduction. The similar is the situation in the facts of the present case. It is not in dispute that the WB Treasury was not able to tr…

MOTILAL OSWAL SECURITIES LTD,MUMBAI vs. ACIT CEN CIR E (ERSTWHILE ACIT CC 22, MUMBAI

In the result, appeal of the Revenue is dismissed whereas appeal of the assessee is allowed in part, in terms indicated hereinabove

ITA 633/MUM/2015[2011-12]Status: DisposedITAT Mumbai31 Mar 2017AY 2011-12

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm M/S.Motilal Oswal Securities Vs. Acit Cc 3, Mumbai – 400 Ltd., Motilal Oswal Tower 020 Rahimtullah Sayani Road, Opposite Parel Ist Depot, Prabhadevi, Mumbai – 400 025 Pan/Gir No. Aaacd3654Q Appellant) .. Respondent) Acit- Cc-3(3), Mumbai - Vs. M/S.Motilal Oswal Securities 400020 Ltd., Motilal Oswal Tower Rahimtullah Sayani Road, Opposite Parel Ist Depot, Prabhadevi, Mumbai – 400 025 Pan/Gir No. Aaacd3654Q Appellant) .. Respondent) Assessee By Mr. Vijay Mehta Revenue By Mr. Saurabh Rai

Section 143(3)Section 14ASection 32Section 73

…. 6. We have considered rival contentions and found that issue under consideration is covered by the decision of Hon’ble Bombay High Court M/s. Motilal Oswal Securities Ltd., in the case of CIT v Shreyas S. Morakhia (342 ITR 285) and CIT v. Bonanza Portfolio (320 ITR 178 (Del). SLP dismissed by Supreme Court in case of CIT v. Bonanza Portfolio (328 ITR 9(st)). Respectfully following the order of Bombay High Court, we do not find any infirmity in the order of CIT(A) for deleting the disallowance on account of the bad debts. 7. With regard to the issue of VSAT, the assessee claimed depreciation on VSAT at 60%. The…

ITO 1(1)(1), MUMBAI vs. AXIOM SHARE BROKING P.LTD, MUMBAI

In the result, the appeal of the Revenue is dismissed

ITA 1198/MUM/2013[2009-10]Status: DisposedITAT Mumbai15 Jun 2016AY 2009-10

Bench: Sri Mahavir Singh, Jm & Sri Ramit Kochar, Am The Income Tax Officer-1(1)- Vs. M/S. Axiom Share Broking Pvt. Ltd., 819/820, 8Th Floor, P. J. (1), Room No.534/579, Aayakar Bhavan, M. K. Road, Mumbai Towers, Stock Exchange, Mumbai 400 020 Samachar Marg, Mumbai 400 020 Pan: Aafca 0309 Q Appellant .. Respondent

Section 143(3)Section 36(1)Section 36(1)(vii)Section 36(2)Section 36(2)(i)

…of income has to be considered, has been settled by the Hon’ble Bombay High Court in the case of CIT, Central II vs. Shreyas S. Morakhiya [342 ITR 285 (Bom.)] and also by the decision of the Hon’ble Delhi High Court in the case of CIT vs. Bonanza Portfolio [320 ITR 178 (Del.)]. Alternatively, she argued that in case the bad debts are not allowed, in that case this should be allowed as business loss in view of the decision of Hon’ble Bombay High Court in the case of Harsad J. Choksi v. CIT (2012) 349 ITR 250 (Bom). 5. We have gone through the facts of the case and limited issue for adjudication before us is…

CIT v. Bonanza Portfolio Ltd. (320 ITR 178) — Cited in 20 Judgments | BharatTax