- (1.) Leave granted.
(2.) The challenge in this appeal by the revenue is against the Order of the High Court of Madhya Pradesh passed in I.T.A. No.59 of 2013 by which the High Court has upheld the orders of the Income Tax Appellate Tribunal and the learned Commissioner of Income Tax (Appeals) deleting the addition of the licence fee paid by the assessee following the forfeiture of his licence. The assessment year is of 2006-2007 and the reasoning of the Commissioner of Income Tax as upheld by the Tribunal and the High Court appears to be that since forfeiture of the amount of the licence fee has taken place the said amount has to be set off as loss for the assessment year in question.
(3.) In taking the aforesaid view, the High Court had relied upon the judgment passed by the Madras High Court in "The Commissioner of Income Tax v. Chensing Ventures" reported in (2007) 291 ITR 258(Mad).;