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2015 (3) TMI 106 - HC - Income TaxUndervaluation of the closing stock - Tribunal upholding the order of the CIT(A) in deleting the addition - Held that:- As relying on assessee's own case [2013 (10) TMI 16 - ALLAHABAD HIGH COURT] wherein held that the changed method of accounting was more scientific and did not result any evasion of tax. - Decided in favour of assessee. Sale of the bagasse to its sister concern - Held that:- As relying on assessee's own case [2015 (3) TMI 94 - ALLAHABAD HIGH COURT] Tribunal was legally justified in upholding the order of the CIT(A) in deleting the addition on account of under statement of sale proceeds of baggase, disallowance on account of treatment of capital expenses as revenue expenses in molasses fund - Decided in favour of assessee. Depreciation on tube-well - Tribunal directing the Assessing Officer to allow depreciation treating it as plant and machinery - Held that:- As relying on assessee's own case [2015 (3) TMI 94 - ALLAHABAD HIGH COURT] we decline to interfere with the impugned order passed by the Tribunal on this issue. - Decided in favour of assessee. Excess provision of gratuity - Held that:- Deduction of gratuity is allowable as per Section-43B on the basis of actual payment. The A.O., in its order has observed that if this amount is pertaining to the assessment year 1984-85 onwards, then assessment order will be rectified on this point to that extent. None of the parties was able to tell whether any rectification was made out or not. Thus we set-aside the impugned orders passed by the appellate authorities pertaining to this issue and restore the matter back to the A.O. to examine whether any rectification order has been passed or not. The A.O. is directed to decide the issued denovo whether the claim is merely written back of the provision or the actual payment, but after providing necessary opportunity to the assessee as per law. - Decided in favour of revenue for statistical purposes. Business loss on account of export of sugar - Tribunal upholding the order of the CIT(A) in treating the expenditure incurred by the assessee against export quota sales of sugar as loss - Held that:- It is not evident whether the amount in question is penal in nature or not, if it is penal in nature then the same cannot be allowed as a business loss, if it was optional either to export the sugar or to pay the amount then the same can be allowed as business loss. Hence, we set-aside the impugned order and restore the issue to the A.O. to decide the same on merit in view of above discussion and by providing reasonable opportunity to the assessee. - Decided in favour of revenue for statistical purposes.
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