1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY O. O. C. J. INCOME TAX APPEAL NO.2249 OF 2009 The Commissioner of Income Tax - 4 Mumbai ..Appellant. Vs. VRM Share Broking Pvt. Ltd. ..Respondent. .... Ms Padma Divakar for the Appellant. None for the Respondent. .... CORAM: DR. D.Y. CHANDRACHUD, & J.P.DEVADHAR, JJ. 4th January, 2010. P.C. : 1. In the appeal filed by the Revenue against the judgment of the Income Tax Appellate Tribunal dated 3rd November, 2008, the following questions of law have been framed : "(a) Whether on the facts and circumstances of the case and in law, the Hon'ble Tribunal was justified in allowing the bad debts written off of Rs.47,73,220/- treating the same as Business Loss under section 28(1) of the Act, although the loss had crystallized in an earlier year as pointed out by the A.O. in his assessment order? (b) Whether on the facts and circumstances of the case and in law, the Hon'ble Tribunal was justified in holding that such Business loss is allowable even if it 2 belonged to earlier years as the said amounts are written off during the year under consideration? (c) Whether on the facts and circumstances of the case and in law, the Hon'ble Tribunal was justified in directing to delete the disallowance of 'Penalty paid to NSE' of Rs.60,000/- without appreciating that the said penalty was incurred for infraction of law, as the Stock Exchange being a regulatory body whose laws are framed as provided by Securities Contract Regulation Act, 1956 & SEBI Act, 1962?" 2. Counsel appearing on behalf of the Revenue fairly concedes that questions (a) and (b) above are covered by a judgment of a Division Bench of this Court in Gwalior Rayon Silk Manufacturing (Weaving) Co. Ltd. (237 ITR 253) against the Revenue and that question (c) is covered against the Revenue by the judgment of the Supreme Court in Consolidated Coffee Ltd. v. Agricultural Income- tax Officer (248 ITR 417). In view of the statement made before the Court, no substantial question of law arises for decision. The Appeal is accordingly dismissed. (DR.D.Y.CHANDRACHUD, J.) (J.P.DEVADHAR, J.)