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2013 (3) TMI 397 - ITAT DELHIIncome from undisclosed sources - suppression of sales on account of under valuation of sales of waste detected by the Intelligence Wing of the excise department - Held that:- The assessee accepted that as per the assessee's own admission there was difference in the sales figure of waste amounting to Rs. 91,84,006/- pertaining to asstt. year 2001-02 to 2005-06. Assessee has accepted the order of the Settlement Commission in this regard and has duly paid excise duty of Rs. 143,73,644/- on the alleged sales amount of Rs. 91,84,006/- for the financial year 2001-02 to 2004-05. In light of the above, now the submission of the assessee is that it has accepted the verdict of Settlement Commission and the orders of the authorities in Excise Department only to buy peace of mind. This contention does not have any cogency & submissions of the assessee that no addition in the income tax assessment can be made in this regard as nothing has been found by the income tax authorities in this regard is also not tenable - against the assessee. Disallowance on account of foreign exchange fluctuation loss which remained included in the WDV in the plant and machinery which was covered under the provisions of sub-section 43A - CIT(A) deleted the disallowance - Held that:- Finding agreement with the CIT(A) that before the amendment to section 43A any loss suffered by assessee on account of foreign exchange fluctuation has to be capitalized in the year of such fluctuations if the asstt. order is prior to asstt. year 2003-04. The amendment to section 43A has rightly been considered as prospective in nature. Accordingly, no infirmity in the order of the CIT hence, we uphold the same - against revenue. Disallowance of set off of unabsorbed depreciation on the ground that no adjustment is possible in view of business losses being NIL - Held that:- CIT(A) observed that in view of the decision of the Met mine Investment & Trading Pvt. Ltd. vs. I.T.O.[2008 (12) TMI 631 - ITAT MUMBAI] the assessee was not entitled for set off of unabsorbed depreciation - against assessee.
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