Calcutta High Court
Principal Commissioner Of Income Tax vs M/S. Atha Mines Pvt. Ltd on 13 December, 2018
Author: I. P. Mukerji
Bench: I. P. Mukerji
OD-16
ITA No. 158 of 2018
IN THE HIGH COURT AT CALCUTTA
SPECIAL JURISDICTION (INCOME TAX)
ORIGINAL SIDE
Principal Commissioner of Income Tax, Central - 2
Versus
M/s. Atha Mines Pvt. Ltd.
Before:
The Hon'ble Justice I. P. MUKERJI
And
The Hon'ble Justice ABHIJIT GANGOPADHYAY
Date: 13th December, 2018
Appearance:
Mr. Udayan Chakraborty, Advocate
for the appellant
Mr. N. K. Poddar, Sr. Advocate
Mr. Vineet Tibrewal, Advocate
Mr. Siddharth Das, Advocate
for the respondent
The Court: Mr. Chakraborty, learned advocate for the appellant very seriously tries to contend that loss was aggravated by the assessee for the purpose of showing reduced profit on adjustment.
But the situation is that this case has travelled three tiers from the assessing officer to the tribunal. This question could not be established by the revenue. The only question which arose was whether the assessed profit and assessed loss could be adjusted in the same year in accordance with law under sections 70(1) and 71(1) of the Income Tax Act, 1961.
At this stage there is no scope of going into this question of fact that the loss was enhanced so as to reduce profit. Regrettably that stage of fact finding is over. The assessee now is entitled to this adjustment as prayed for.
In those circumstances, we find no merit in the appeal of the revenue. It is dismissed.
2
The question formulated is answered in the affirmative and in favour of the assessee.
No order as to costs.
Certified photocopy of this order, if applied for, be supplied to the parties upon compliance with all requisite formalities.
(I. P. MUKERJI, J.) (ABHIJIT GANGOPADHYAY, J.) R. Bose