9911796707
TMI Blog1974 (12) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... bay. In this reference we are concerned with the assessment year 1957-58, the previous year of which ended on 31st March, 1957. Although registered as a public limited company, it is an admitted position that the assessee is a section 23A-company for the relevant accounting year. The total assessable income for the assessment year 957-58 was Rs. 6,61,811, and after deducting the taxes payable, a s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of Rs. 19,25,000 was written off as a bad debt. It may be mentioned that this amount had been claimed as a deduction against its business income for the assessment year 1957-58, but in the assessment proceedings it was finally disallowed by the Tribunal on the ground that it was not a permissible deduction under section 10(2)(xi) of the Indian Income-tax Act, 1922. It was the assessee's con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the opinion that the losses incurred by the assessee-company related to capital losses, and under section 23A the Income-tax Officer was not concerned with the capital position of the assessee. It is from this decision of the Tribunal that the assessee had come to the High Court, and the question canvassed before us in this reference is, whether the Tribunal was right in upholding the view o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evenue also fairly stated that the matter was concluded against him by reason of the decisions of the Supreme Court referred to above. In view of the settled position of law, I would answer the question posed in this refer ence before us in the negative and against the revenue.
VIMADALAL J.--I agree.
By the Court
Question answered in the negative. No order as to the costs of the reference. X X X X Extracts X X X X X X X X Extracts X X X X
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