I.B.M. World Trade Corporation v. CIT

186 ITR 412High Court1990#6578 most cited
17

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2015 to 2024.

Issues it is cited on

section 36(2)business connectionsection 36(1)(vii)icdssection 36(1)(iii)commercial expediencycapital expendituresection 36(1)section 37(1)section 36section 37company

Judgments citing I.B.M. World Trade Corporation v. CIT

M/S SOUTHERN PETROCHEMICAL INDUSTRIES CORPORATION LIMITED,CHENNAI vs. THE ITO, CORPORTION WARD-3(1), CHENNAI

The appeal stand allowed in terms of our above order

ITA 388/CHNY/2023[2010-11]Status: DisposedITAT Chennai10 Jan 2024AY 2010-11

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.388/Chny/2023 (िनधा)रण वष) / Assessment Year: 2010-11) M/S. Southern Petrochemical Income Tax Officer बनाम Industries Corporation Limited Corporate Ward-3(1) 88, Spic House, Mount Road, Guindy, Chennai-600 034. / Vs. Chennai-600 032. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4668-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Vijayaraghavan & Shri Saroj Kumar Parida (Advocates)-Ld. Ars " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) & Shri Ar V Sreenivasan (Addl. Cit)-Ld. Drs सुनवाईकीतारीख/Date Of Hearing : 16-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 10-01-2024 आदेश / O R D E R

For Appellant: Shri R. Vijayaraghavan & Shri Saroj KumarFor Respondent: Shri Nilay Baran Som (CIT) &
Section 143(3)

…n is squarely applicable to the facts of the present case. The decision of Hon’ble High Court of Gujarat in the case of M/s Pure Beverages Ltd. (209 ITR 131) and also the decision of Hon’ble High Court of Bombay in the case of M/s IBM World Trade Corporation (186 ITR 412) lays down similar proposition. Respectfully following all these binding decisions, we delete the impugned disallowance as sustained in the impugned order. The corresponding grounds raised by the assessee stand allowed. We find that the facts are similar in this year also. It could be seen that the advances have been given in the ordinary course…

SOUTHERN PETROCHEMICAL INDUSTRIES CORPORATION LTD.,CHENNAI vs. ITO, CHENNAI

The appeal stands partly allowed

ITA 207/CHNY/2023[2005-06]Status: DisposedITAT Chennai10 Jan 2024AY 2005-06

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1.आयकरअपील सं./ Ita No.206/Chny/2023 (िनधा*रण वष* / Assessment Year: 2005-06) & 2.आयकरअपील सं./ Ita No.207/Chny/2023 (िनधा*रण वष* / Assessment Year: 2005-06) M/S. Southern Petrochemical Income Tax Officer बनाम Industries Corporation Limited Corporate Ward-3(1) 88, Spic House, Mount Road, Guindy, Chennai-600 034. / Vs. Chennai-600 032. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4668-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Vijayaraghavan & Shri Saroj Kumar Parida (Advocates)-Ld. Ars " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) & Shri Ar V Sreenivasan (Addl. Cit)-Ld. Drs सुनवाईकीतारीख/Date Of Hearing : 16-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 10-01-2024 आदेश / O R D E R Manoj Kumar Aggarwal ()

For Appellant: Shri R. Vijayaraghavan & Shri Saroj KumarFor Respondent: Shri Nilay Baran Som (CIT) &
Section 143(3)Section 43B

…is squarely applicable to the facts of the present case. The decision of Hon’ble High Court of Gujarat in the case of M/s Pure Beverages Ltd. (209 ITR 131) and also the decision of Hon’ble High Court of Bombay in the case of M/s IBM World Trade Corporation (186 ITR 412) lays down similar proposition. Respectfully following all these binding decisions, we delete the impugned disallowance as sustained in the impugned order. The corresponding grounds raised by the assessee stand allowed. 10. The appeal stand partly allowed. 11.1 The assessment so framed by Ld. AO u/s 143(3) was subjected to revision u/s 263 by rev…

SOUTHERN PETROCHEMICAL INDUSTRIES CORPORATION LTD.,CHENNAI vs. ITO, CHENNAI

The appeal stands partly allowed

ITA 206/CHNY/2023[2005-06]Status: DisposedITAT Chennai10 Jan 2024AY 2005-06

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1.आयकरअपील सं./ Ita No.206/Chny/2023 (िनधा*रण वष* / Assessment Year: 2005-06) & 2.आयकरअपील सं./ Ita No.207/Chny/2023 (िनधा*रण वष* / Assessment Year: 2005-06) M/S. Southern Petrochemical Income Tax Officer बनाम Industries Corporation Limited Corporate Ward-3(1) 88, Spic House, Mount Road, Guindy, Chennai-600 034. / Vs. Chennai-600 032. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaacs-4668-K (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri R. Vijayaraghavan & Shri Saroj Kumar Parida (Advocates)-Ld. Ars " थ"कीओरसे/Respondent By : Shri Nilay Baran Som (Cit) & Shri Ar V Sreenivasan (Addl. Cit)-Ld. Drs सुनवाईकीतारीख/Date Of Hearing : 16-10-2023 घोषणाकीतारीख /Date Of Pronouncement : 10-01-2024 आदेश / O R D E R Manoj Kumar Aggarwal ()

For Appellant: Shri R. Vijayaraghavan & Shri Saroj KumarFor Respondent: Shri Nilay Baran Som (CIT) &
Section 143(3)Section 43B

…is squarely applicable to the facts of the present case. The decision of Hon’ble High Court of Gujarat in the case of M/s Pure Beverages Ltd. (209 ITR 131) and also the decision of Hon’ble High Court of Bombay in the case of M/s IBM World Trade Corporation (186 ITR 412) lays down similar proposition. Respectfully following all these binding decisions, we delete the impugned disallowance as sustained in the impugned order. The corresponding grounds raised by the assessee stand allowed. 10. The appeal stand partly allowed. 11.1 The assessment so framed by Ld. AO u/s 143(3) was subjected to revision u/s 263 by rev…

VIACOM 18 MEDIA P.LTD,MUMBAI vs. ADDL CIT 11(1), MUMBAI

In the result, assessee‟s appeal for A

ITA 8754/MUM/2010[2006-07]Status: DisposedITAT Mumbai03 Sept 2021AY 2006-07

Bench: Shri C.N. Prasad & Shri S. Rifaur Rahman

…ould not recover the deposit and also had to let go off the possession of the flat during the year and hence the loss was correctly claimed as business loss. 47. He submitted that the Hon'ble Jurisdictional High Court in IBM World Trade Corp. v/s CIT, [1990] 186 ITR 412 (Bom.) has in similar circumstances held that write–off of deposit given for taking premises on lease on landlord becoming insolvent, is an allowable as business loss as the lease was taken for the purpose of business. In support of these contentions, the learned A.R. placed reliance on the following decisions:– i) CIT v Anjani Kumar Co. Ltd. [2…

MANOJ SHIVYAG SINGH,MUMBAI vs. DCIT CENT. CIR. 5(1), MUMBAI

In the result the ground No

ITA 5375/MUM/2016[2012-13]Status: DisposedITAT Mumbai27 May 2020AY 2012-13

Bench: Shri Pawan Singh & Shri Rifaur Rahmanmanoj Shivyag Singh Dcit Central Circle- 5(1) Babubhai Gaikwad Compound, Aayakar Bhavan, Mumbai. Trikam Das Road, Kandivali Vs. (West), Mumbai-40067. Pan: Asjps4147D Appellant Respondent Appellant By : Shri V.G. Ginde With Kumar Kala (Ar) Respondent By : Miss Sumantha Mullamudi (Sr.Dr)

For Appellant: Shri V.G. Ginde with Kumar KalaFor Respondent: Miss Sumantha Mullamudi (Sr.DR)
Section 250Section 253Section 254(1)Section 36Section 36(1)(vii)

…usiness loss. To buttress his submissions the learned AR of the assessee also relied upon the following decisions;  CIT versus Mysore Sugar Co Ltd (1946) 46 ITR 469 (SC),  T.J. Lalwani versus CIT (1970) 78 ITR 176 (Bom),  IBM World Trade Corporation (1990) 186 ITR 412 (Mum) and  Lord’s Dairy Farms Ltd versus CIT (1958) 27 ITR 700 (Bom). 17. Finally, the ld AR for the assessee would submit that the ld CIT(A) has not examined the alternative claim of the assessee and prayed that this issue may be restored to the file of assessing officer or ld. CIT(A) to examine it afresh. 18. On the other hand the learned AR f…

M/S. NATIONAL STOCK EXCHANGE OF INDIA LTD.,MUMBAI vs. ADDL CIT 7(1), MUMBAI

In the result, the appeal of the assessee in ITA No

ITA 2687/MUM/2011[2007-08]Status: DisposedITAT Mumbai16 Oct 2019AY 2007-08

Bench: Shri Mahavir Singh, Jm & Shri M.Balaganesh, Am

Section 10Section 143(3)Section 14A

…course of business would be allowable as a trading / business loss u/s 28 of the Act. We find that the ld AR had rightly placed reliance on the decision of the Hon’ble Jurisdictional High Court in the case of I.B.M. World Trade Corporation vs CIT reported in 186 ITR 412 (Bom) . The question raised before the Hon’ble Bombay High Court is as under:- M/s. National Stock Exchange "Whether, on the facts and in the circumstances of the case, the Tribunal erred in law in disallowing the amount of Rs. 1,08,088 having been written off during the previous year as a deduction in arriving at the taxable income of the compa…

DEPUTY COMMISSIONER OF INCOME TAX 3(3)(1), MUMBAI vs. RAMA CYLINDERS PRIVATE LIMITED, MUMBAI

In the result, appeal of the revenue is dismissed

ITA 7337/MUM/2017[2013-14]Status: DisposedITAT Mumbai11 Sept 2019AY 2013-14

Bench: Shri M.Balaganesh, Am & Shri Ram Lal Negi, Jm Dy. Commissioner Of Vs. M/S. Rama Cylinders Pvt. Income Tax- 3(3)(1) Ltd. Room No.609, 6Th Floor 181, Maker Tower, Aayakar Bhavan “E”, Cuffe Parade, M.K.Road, Mumbai – 400 005 Mumbai – 400 020 Pan/Gir No.Aaccr8653D (Appellant) .. (Respondent)

Section 115JSection 143(3)Section 14A

…ers Private Limited stand by the assessee, hence, we are not inclined to agree to the contentions of ld. DR. We find that assessee had placed reliance on the decision of Hon’ble Jurisdictional High Court in the case of IBM World Trade Corporation reported in 186 ITR 412 (Bom) which are squarely applicable to the facts of the case. In that case, the facts were as under:- “2. The assessee-company is a non-resident company. It is engaged in the business of manufacture of accounting and computing machines which are sold or given on hire and of giving services in respect of the same. The assessment year involved is…

ADDL CIT -- 10(1), MUMBAI vs. AGC NETWORK LTD ( FORMERLY KNOWN AS AVAYA GLOBAL CONNECT LTD), MUMBAI

In the result, Revenue’s appeal is dismissed

ITA 5157/MUM/2012[2008-09]Status: DisposedITAT Mumbai30 Aug 2019AY 2008-09

Bench: Shri Saktijit Dey & Shri Manoj Kumar Aggarwal

…ess. Thus, he submitted, assessee’s claim of deduction should be allowed. In support of his contention, he relied upon the following decisions:– 25 AGC Network Ltd. (Formerly known as Avaya Global Connect Ltd.) i) IBM World Trade Corporation v/s CIT, [1990] 186 ITR 412 (Bom.); ii) ACIT v/s Blue Dart Express Ltd., ITA no.6614/Mum./2007, dated 18.11.2009; iii) United Motors India Ltd. v/s ITO, [2010] 6 taxmann.com 32 (Mum.); and iv) Jethabhai Jirji Jethabhai Ramdas v/s CIT, [1979] 120 ITR 792 (Bom.). 25. The learned Departmental Representative strongly relying upon the observations of the Assessing Officer and l…

M/S NORTEL NETWORKS INDIA PVT. LTD.,,NEW DELHI vs. DCIT, NEW DELHI

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

ITA 1510/DEL/2016[2005-06]Status: DisposedITAT Delhi07 Aug 2019AY 2005-06

Bench: Shri Sudhanshu Srivastava & Shri O.P. Kantassessment Year: 2005-06 M/S. Nortel Networks India Vs. Dcit, Pvt. Ltd., Circle-18(2), New Delhi C-227, Ground Floor, Near Garden Of Five Senses, Westend Marg, Paryavaran Complex, New Delhi Pan :Aabcn1428B (Appellant) (Respondent) Appellant By Ms. Ananya Kapoor, Adv. Respondent By Shri G. Johnson, Sr.Dr

Section 143(3)Section 271Section 271(1)Section 271(1)(c)Section 274

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: ‘B’, NEW DELHI BEFORE SHRI SUDHANSHU SRIVASTAVA, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER Assessment Year: 2005-06 M/s. Nortel Networks India Vs. DCIT, Pvt. Ltd., Circle-18(2), New Delhi C-227, Ground Floor, Near Garden of Five Senses, Westend Marg, Paryavaran Complex, New Delhi PAN :AABCN1428B (Appellant) (Respondent) Appellant by Ms. Ananya Kapoor, Adv. Respondent by Shri G. Johnson, Sr.DR Date of hearing 31.07.2019 Date of pronouncement 07.08.2019 ORDER PER O.P. KANT, A.M.: This appeal by the assessee is directed against order dated 31/12/2015 pas…

M/S. BHAGIRATH COACH & METAL FABRICATORS PVT. LTD.,INDORE vs. THE DCIT 1(1), INDORE

In the result appeal of the assessee is allowed

ITA 351/IND/2017[2013-14]Status: DisposedITAT Indore17 Dec 2018AY 2013-14

Bench: Hon'Ble Kul Bharat & Hon'Ble Manish Boradassessment Year 2013-14 M/S. Bhagirath Coach & Dcit 1(1), Metal Fabricators Pvt. Ltd, Vs. Indore C/O M. Mehta & Co, 11/5, South Tukoganj, Indore (Appellant) (Respondent ) Pan No.Aaacb7112P Revenue By Shri R.P. Mourya, Sr.Dr Assessee By S/Shri S.N. Agrawal & Pankaj Mogra,Cas Date Of Hearing 17.12.2018 Date Of Pronouncement 19.12.2018 O R D E R

Section 143(2)Section 143(3)Section 37(1)

…ai Vs. Union of India (1975) 98 ITR 209 (SC) (v) Ramchandar Shivnarayan Vs. CIT (1978) 111 ITR 263(SC) Bhagirath Coach & Metal Fabricators Pvt. Ltd Jwala Prasad Radha Kishan V/s CIT (1971) 79 ITR 530 (All.) (vii) I.B.M. World Trade Corpn. V/s CIT (1990) 186 ITR 412 7. Per contra Departmental Representative supported the orders of Ld. CIT(A). 8. We have heard rival contentions and perused the records placed before us. The sole issue raised before us for adjudication is that whether both the lower authorities were justified in treating the forfeiture of earnest money as capital expenditure. 9. Correspond…

ALFA TRANSFORMERS LTD.,BHUBANESWAR vs. ACIT, CIRCLE-2(1), BHUBANESWAR

In the result, appeal filed by the assessee is allowed

ITA 35/CTK/2017[2006-07]Status: DisposedITAT Cuttack26 Apr 2017AY 2006-07

Bench: S/Shri N.S Saini & Kuldip Singhassessment Year :2006-07

For Appellant: Shri Prajna Raj Mohanty, ARFor Respondent: Shri A.Tigga, DR
Section 143(3)Section 145Section 145A

…lt no difficulty in finding that the deduction claimed by the assessee in writing off the amounts so forfeited was in the course of and incidental to the assessee's business". Similarly, the Bombay High Court in case of I.B.M. World Trade Corporation vs. CIT 186 ITR 412 (Bom) has held as follows:- "As the acquisition of premises on lease would not ordinarily be in the capital field, there is no hesitation in holding that the moneys advanced by the assessee in pursuance of the agreements to the landlord for the purposes of and in connection with the acquisition of the premises on lease were for the purpose of bu…

ALFA TRANSFORMERS LTD.,BHUBANESWAR vs. ACIT, CIRCLE-2(1), BHUBANESWAR, BHUBANESWAR

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

ITA 446/CTK/2014[2007-08]Status: DisposedITAT Cuttack26 Apr 2017AY 2007-08

Bench: S/Shri N.S Saini & Kuldip Singhassessment Year : 2007-08

For Appellant: Shri Prajna Raj Mohanty, ARFor Respondent: Shri A. Tigga, DR
Section 28Section 36(1)(vii)Section 37

…lt no difficulty in finding that the deduction claimed by the assessee in writing off the amounts so forfeited was in the course of and incidental to the assessee's business". Similarly, the Bombay High Court in case of I.B.M. World Trade Corporation vs. CIT 186 ITR 412 (Bom) has held as follows:- "As the acquisition of premises on lease would not ordinarily be in the capital field, there is no hesitation in holding that the moneys advanced by the assessee in pursuance of the agreements to the landlord for the purposes of and in connection with the acquisition of the premises on lease were for the purpose of bu…

M/S. INDIAN SEAMLESS STEELS & ALLOYS LTD. vs. THE JT CIT S.R.19,

In the result, Revenue’s appeal is dismissed

ITA 2214/MUM/2005[1998-1999]Status: DisposedITAT Mumbai29 Apr 2016AY 1998-1999

Bench: Shri Saktijit Dey & Shri Rajesh Kumar

Section 28Section 29Section 30Section 32Section 32(1)Section 43D

…rred by the assessee during the normal course of business is allowable as business loss either under section 28 or 37. For such proposition, he relied upon the decision of the Hon'ble Jurisdictional High Court in I.B.M. World Trade Corporation v/s CIT, [1990] 186 ITR 412 (Bom.), and a number of other decisions. 34. We have considered the submissions of the parties in the light of the decisions relied upon and perused the material available on record. As is evident, the Assessing Officer does not dispute the fact that the assessee has paid the amount claimed as bad debt to the Austrian company in pursuance to an…

M/S. B O C INDIA LTD.,KOLKATA vs. A.C.I.T., CIR-12, KOLKATA, KOLKATA

In the result, assessee’s appeal is partly allowed for statistical purpose

ITA 669/KOL/2008[2003-04]Status: DisposedITAT Kolkata19 Apr 2016AY 2003-04

Bench: Shri Mahavir Singh & Shri Waseem Ahmed

Section 143(3)Section 28

…elt no difficulty in finding that the deduction claimed by the assessee in writing off the amounts so forfeited was in the course of and incidental to the assessee’s business”. Similarly, the Bombay High Court in case of I.B.M. World Trade Corporation vs. CIT 186 ITR 412(Bom) has held as follows:- “As the acquisition of premises on lease would not ordinarily be in the capital field, there is no hesitation in holding that the moneys advanced by the assessee in pursuance of the agreements to the landlord for the purposes of and in connection with the acquisition of the premises on lease were for the purpose of bus…

D.C.I.T., CIR-12, KOLKATA vs. M/S. B O C INDIA LTD.,

In the result, assessee’s appeal is partly allowed for statistical purpose

ITA 1071/KOL/2008[2003-04]Status: DisposedITAT Kolkata19 Apr 2016AY 2003-04

Bench: Shri Mahavir Singh & Shri Waseem Ahmed

Section 143(3)Section 28

…elt no difficulty in finding that the deduction claimed by the assessee in writing off the amounts so forfeited was in the course of and incidental to the assessee’s business”. Similarly, the Bombay High Court in case of I.B.M. World Trade Corporation vs. CIT 186 ITR 412(Bom) has held as follows:- “As the acquisition of premises on lease would not ordinarily be in the capital field, there is no hesitation in holding that the moneys advanced by the assessee in pursuance of the agreements to the landlord for the purposes of and in connection with the acquisition of the premises on lease were for the purpose of bus…

RAJIV SHARAD PRADHAN,MUMBAI vs. ACIT 18(3), MUMBAI

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

ITA 2614/MUM/2014[2009-10]Status: DisposedITAT Mumbai21 Oct 2015AY 2009-10

Bench: Shri N.K. Billaiya & Shri Amarjit Singhआयकर अपील सं/ I.T.A. No.2614/Mum/2014 ("नधा"रण वष" / Assessment Year:2009-10 बनाम/ Shri Rajeev Sharad The Acit-18(3), Pradhan (Prop. M/S. Piramal Chambers, Parel, Vs. Pantoscope), Mumbai-400 016 229, Om Gita Niwas, L.J. Road, Mahim, Mumbai-400 016 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aajpp 9049H (अपीलाथ" /Appellant) (""यथ" / Respondent) .. अपीलाथ" ओर से/ Appellant By: Shri Ruturaj H. Gurjar Shri S.K. Mutsaddi ""यथ" क" ओर से/Respondent By: Shri Vivek Anand सुनवाई क" तार"ख / Date Of Hearing : 12 .10.2015 घोषणा क" तार"ख /Date Of Pronouncement : 21.10.2015 आदेश / O R D E R Per N.K. Billaiya, Am: This Appeal By The Assessee Is Preferred Against The Order Of The Ld. Cit(A)-29,Mumbai Dated 18.02.2014 Pertaining To Assessment Year 2009-10. 2. The Grievance Of The Assessee Reads As Under:

For Appellant: Shri Ruturaj H. GurjarFor Respondent: Shri Vivek Anand

…e said deposit. There is also a write off for a deposit with Mohamad Khan. To substantiate its claim, reliance was placed on the decision of the Hon’ble Supreme Court in the case of CIT Vs Mysore Sugar Coi. Ltd. 46 ITR 649 and I.B.M. World Trade Corpn. Vs CIT 186 ITR 412. The claim of the assessee was denied by the AO who made an addition of Rs. 3,64,442/- in respect of the write off in the case of Shri Mohamad Khan. 4. Aggrieved by this, the assessee carried the matter before the Ld. CIT(A) but without any success. The Ld. CIT(A) confirmed the disallowance made by the AO for want of confirmation from the landlo…

ACIT 8(3), MUMBAI vs. RADHAKRISHAN CONSUMER SERVICES P. LTD, THANE

In the result, the appeal filed by the Revenue is dismissed

ITA 6862/MUM/2012[2009-10]Status: DisposedITAT Mumbai21 Oct 2015AY 2009-10

Bench: Shri N.K. Billaiya & Shri Amarjit Singhआयकर अपील सं/ I.T.A. No.6862/Mum/2012 ("नधा"रण वष" / Assessment Year:2009-10 बनाम/ The Acit-8(3), M/S. Radhakrishna Consumer Aayakar Bhavan, Services Pvt.Ltd., Vs. Mumbai-400 020 Radhakrishna House, Majiwade Village Road, Majiwade, Thane-400 601 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. :Aaact 5839G (अपीलाथ" /Appellant) (""यथ" / Respondent) .. अपीलाथ" ओर से/ Appellant By: Shri Anilkumar Dhondial ""यथ" क" ओर से/Respondent By: Shri J.D. Mistry सुनवाई क" तार"ख / Date Of Hearing :12.10.2015 घोषणा क" तार"ख /Date Of Pronouncement :21.10.2015 आदेश / O R D E R Per N.K. Billaiya, Am: This Appeal By The Revenue Is Directed Against The Order Of The Ld. Cit(A)-18, Mumbai Dated 31.08.2012 Pertaining To Assessment Year 2009-10. 2. The Sole Grievance Of The Revenue Is That The Ld. Cit(A) Erred In Deleting The Disallowance Of Rs. 93,62,085/- Being Deposits Written Off.

For Appellant: Shri AnilkumarFor Respondent: Shri J.D. Mistry

…ported the findings of the AO. 7. The Ld. Counsel for the assessee reiterated what has been stated before the lower authorities. The Ld. Counsel also relied upon the decision of the Hon’ble High Court of Bombay in the case of I.B.M. World Trade Corpn. Vs CIT 186 ITR 412. 8. We have given a thoughtful consideration to the orders of the authorities below in the light of the rival submissions made by the representatives. There is no dispute that the deposits were given during the course of the business of the assessee. It is also an undisputed fact that the same became irrecoverable and were therefore written off.…

I.B.M. World Trade Corporation v. CIT (186 ITR 412) — Cited in 17 Judgments | BharatTax