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1 - 5 of 5 (0.21 seconds)The Income Tax Act, 1961
Commr.Of Income Tax vs M/S Alom Extructions Limited on 25 November, 2009
12. The Ld. Counsel for the assessee drew our attention to the decision of
the Tribunal in ITA No. 6847/Mum/2008 in the case of Pik Pen Pvt. Ltd. Vs
ITO, a similar issue had come up before the Bench wherein the Bench has
followed the decision of the Hon'ble Supreme Court in the case of CIT Vs
Alom Extrusion Ltd. 319 ITR 306. The Ld. DR supported the findings of lower
authorities.
Employees Provident Funds Miscellaneous Provisions Act, 1952
Ito vs Lalit Kumar Agarwalla on 31 October, 2001
9. Per contra, the Ld. Departmental Representative strongly supported
the findings of lower authorities and referred to the judgement of the
Ahmedabad Tribunal in the case of ITO Vs Ashok Kumar Lalit Kumar 53 ITD
326 and argued that in that case the matter has been restored back to AO for
deciding the question of allowability of the amount written off as trading loss
u/s. 28(i) and/or section 37(1) of the Act. The Ld. DR further pointed out
that the assessee has not furnished any evidence in relation to the write off of
amount during the course of the assessment proceedings or during the
course of the First appellate proceedings. The assessee has given only the
names of the parties without substantiating its claim that the advances were
given during the course of its business.
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