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Bad debts allowed to share broker for amount not recovered from the client towards purchase of shares
Case Law Details
- Case Name
- Dy. CIT Vs. Shri Shreyas S. Morakhia (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Courts
- ITAT Mumbai
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Bad debts allowed to share broker for amount not recovered from the client towards purchase of shares
Dy. CIT Vs. Shri Shreyas S. Morakhia (ITA No. 3374 / Mum / 2004)
ITAT Mumbai
Facts
· The taxpayer, a share broker, purchased certain shares on behalf of the client. However, he could not recover the amount due from the client and claimed deduction for such bad debt in the return of income.
· The Assessing Officer rejected the claim of the taxpayer. However, the Commissioner of Income-tax (Appeals) allowed the deduction.
· Aggrieved by the order, Revenue preferred an appeal ...
