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2013 (12) TMI 1417 - HC - Income TaxAllowance of burning loss - Held that:- Following assessee's own case for earlier years - The Tribunal had not at all examined the various factors which were taken by the Commissioner of Income Tax (Appeals) in accepting the burning loss shown by the appellant - It had rejected the trading loss by invoking sub-section (1) of Section 145 of the Act - Provisions of sub-section (1) of Section 145 of the Act has rightly been invoked, the estimate of income has to be based on some materials - The Commissioner of Income Tax (Appeals) had taken into consideration various factors while accepting the burning loss shown by the appellant which in our considered opinion the Tribunal had failed to advert into - The issue was set aside for fresh adjudication.
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