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TMI Blog1982 (7) TMI 25X X X X Extracts X X X X X X X X Extracts X X X X ..... cts very briefly, as all the relevant facts in respect of the transactions out of which the question in this reference , crises have been set out by a Division Bench of this court in Sassoon J. David Co. (P.) Ltd. v. CIT [1975] 98 ITR 50. The assessee is a private limited company and was incorporated in 1922. Twenty-five per cent. of the shares of the company were held by Sir Percival David in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... created a mortgage for that sum, on two properties purchased by him, in favour of the assessee. On the sale of these properties, a sum of Rs. 15,00,000 was realized and the assessee got this sum. It may be mentioned that, in the meantime, Alwyn Ezra was adjudicated as an insolvent in the year 1951. In April, 1958, the assessee was informed by the official assignee that there was no likelihood of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agent, Alwyn Ezra, and, therefore, the company was entitled to deduct the same in computing its assessable profits under s. 10(1) of the Indian I.T. Act, 1922. The main dispute before the Tribunal in this case seems to be whether the assessee was entitled to write off the sum of Rs. 9,00,000 in the assessment year 1958-59 and write off the balance amount of Rs. 89,112 in the relevant assessment ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r, on the facts and in the circumstances of the case, the loss of Rs. 89,112 was a business loss ?" It is not disputed before us that in view of the aforesaid decision in Sassoon J. David Co. (P.) Ltd. v. CIT [1975] 98 ITR 50 (Bom), and the facts found by the Tribunal, the question referred to us must be answered in favour of the assessee, as the Tribunal has found as a fact that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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