1 vks IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.41 OF 2009 The Commissioner of Income Tax-4 ..Appellant -versus M/s Dhayabhai Share & Stock Brokers Ltd .. Respondents Mr.Vimal Gupta, for the appellant Mr V.Mannadiar, for respondent. CORAM: F.I.REBELLO & R.S.MOHITE, JJ. DATED: 18th February,2009 P.C. 1. Revenue is in appeal against the order of IT, allowing bad debts for the assessment year l999-2000. CIT(A), confirmed the order of IT. IT (AO), initially in the case MS Kamal D Bhavani, had taken a view that as there was no bad debt, non existence of bad debt could not be written in the books of account. On appeal before CIT(A), on the contention advanced in the matter OF arbitration proceeding, the matter was referred back to A.O. The A.O has in the report admitted the arbitration proceeding in respect of which award was made by the Arbitrator. But subsequently before in the High Court that award was set aside. Considering this factual finding, the bad debt was allowed. 2. In so far as M/s Padmalaya Tirupati Securities Pvt Ltd, it was noted that there was resolution of the Board of Directors to treat the 2 bad debt. On these two concurrent findings on facts and in the above light appeal would not lie. Consequently appeal dismissed. (R.S.MOHITE, J) (F.I.REBELLO, J)