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TMI Blog2016 (4) TMI 652X X X X Extracts X X X X X X X X Extracts X X X X ..... erial to the contrary to dislodge the concurrent findings of fact recorded by the Tribunal. In the aforesaid premises, the conclusion arrived at by the Tribunal being based upon the findings of fact recorded by it upon appreciation of the evidence on record, does not give rise to any question of law, much less, a substantial question of law, warranting interference. - Decided against revenue - TAX APPEAL NO. 324 of 2016 - - - Dated:- 4-4-2016 - MS. HARSHA DEVANI AND MR. G.R.UDHWANI, JJ. FOR THE APPELLANT : MRS MAUNA M BHATT, SENIOR STANDING COUNSEL ORAL ORDER (PER : HONOURABLE MS.JUSTICE HARSHA DEVANI) 1. The appellant revenue in this appeal under section 260A of the Income Tax Act, 1961 (hereinafter referred to as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Mauna Bhatt, learned Senior Standing Counsel for the appellant, submitted that in the present case, the assessee had claimed bad debts with respect to various edible items, like, dehydrated onion flakes, onion powder, potato powder and sesame seeds, which is not the regular business of the assessee for the year under consideration. That the main business of the assessee is sale and purchase of land, gold and shares. It was submitted that trading of goods for which the debts are stated to be incurred is not even covered in the main objects of the company to be pursued by it on its incorporation. It was further submitted that bad debts are admissible as deduction, only if they are taken into account in computing the total income of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... these amounts could not be treated as bad debts. As regards the dues from Quality Foods and S.Y.P. Exporter, the Assessing Officer was of the view that the trade advances for purchases could not be treated as bad debts. As regards S.N. Das Freight Forwarders Pvt. Ltd., the Assessing Officer noted that the same represented excess payment made for forwarding expenses. According to the Assessing Officer, there was nothing to show that the amounts have actually turned bad and he, accordingly, disallowed ₹ 5,15,52,492/-. 5. In appeal, the assessee took the stand that without prejudice to its original claim of bad debts, the amount should be allowed as a business loss. The Commissioner (Appeals) called for a remand report from the Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the persons who allegedly and fraudulently obtained these advances were on bail granted by the High Court, however, the remote possibilities of recovery did not take away assessee s right to claim reasonably foreseeable business loss. The Tribunal noted that the Commissioner (Appeals) had given categorical and detailed findings about these advances having become actually bad and these findings remain uncontroverted and accordingly, confirmed the relief granted by the Commissioner (Appeals). 7. Thus, the Tribunal has recorded concurrent findings of fact to the effect that advances given by the assessee had become actually bad and such findings had remained uncontroverted. It is not the case of the appellant that the Tribunal has placed re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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