9911796707
TMI Blog2009 (2) TMI 138X X X X Extracts X X X X X X X X Extracts X X X X ..... as entitled to claim the amount - even if duty drawback was available for the previous assessment year, what will be relevant was when the same is treated as bad debt by the assessee in his books of account – the fact that there was no income in the course of assessment year 1999-2000 would not disentitle the assessee from claiming the business expenditure in the said assessment year – claim of ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsignment and claim for refund of customs duty filed before the customs authorities? (2) Whether, on the facts and in the circumstances of the case and in law, the hon'ble Income-tax Appellate Tribunal was right in allowing the above expenditure as business expenditure under section 37(1) in the assessment year 1999-2000 when the assessee had no business during the year and the only source of in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecord allowed the claim of the assessee. The Revenue preferred an appeal. That appeal came to be dismissed. Consequently, the present appeal and the questions as framed. 3. The contention as urged on behalf of the Revenue is that the loss have been shown as bad debt for the financial year 1993-94 and not for the assessment year 1999-2000. In our opinion, the issue is squarely covered by the ju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d debt by the assessee in his books of account. Considering the ratio of that judgment, in our opinion, there is no infirmity in the view taken by the Commissioner of Income-tax (Appeals) and the Income-tax Appellate Tribunal. That question, therefore, would not arise. In so far as the second question is concerned, merely because there was no income in the course of assessment year 1999-2000 would ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
