IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.838 OF 2008 INCOME TAX APPEAL NO.838 OF 2008 INCOME TAX APPEAL NO.838 OF 2008 The Comissioner of Income Tax ..Appellant. V/s. M/s.Rathi Mercantile Industries Ltd. ..Respondent. Mr.P.S.Shahadevan i/b. Suresh Kumar for appellant. Mr.P.R.Toprani for respondent. CORAM : V.C.DAGA AND CORAM : V.C.DAGA AND CORAM : V.C.DAGA AND J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. J.P.DEVADHAR, JJ. DATED : 29TH APRIL, 2009. DATED : 29TH APRIL, 2009. DATED : 29TH APRIL, 2009. P.C. :- P.C. :- P.C. :- 1. Heard learned counsel for the revenue. The appeals seeks to raise the following questions of law:- 1) Whether on the facts and circumstances of the case, the Tribunal was justified in directing the assessing officer to compute the total income of the assessee without applying the provision of Explanation to section 73 ? 2) Whether for the purpose of the Explanation to section 73, the loss on share trading should be first adjusted for computing the gross total income and only thereafter the components of income computed under different heads be considered. 3) Whether on the facts and circumstances of the case, the Tribunal was justified in concluding that the assessee was entitled to a deduction of Rs.1,08,444/- as bad debts ? - = : 2 : = - 2. The issue sought to be raised has already been answered by this Court in the case of C.I.T. V/s.M/s.Hiro Textiles & Trading Ltd. in Income Tax Appeal No.296 of 2001 decided on 29/1/2008. A photocopy of the same is produced on record. So also, the above issue is covered by the judgment in the case Commissioner of Income Tax V/s. Star Chemicals Commissioner of Income Tax V/s. Star Chemicals Commissioner of Income Tax V/s. Star Chemicals (Bombay) (P) Ltd. (Bombay) (P) Ltd. (Bombay) (P) Ltd. reported in 220 CTR 319 220 CTR 319 220 CTR 319 In this view of the matter, no substantial question of law arise in this appeal. The appeal is, therefore, dismissed in limini with no order as to costs. (V.C.DAGA, J.) (V.C.DAGA, J.) (V.C.DAGA, J.) (J.P.DEVADHAR, J.) (J.P.DEVADHAR, J.) (J.P.DEVADHAR, J.)