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M/s Karnataka Instrade Corporation Ltd. Versus The Asst Commissioner of Income Tax

2015 (10) TMI 2122 - KARNATAKA HIGH COURT

Disallowance of deduction of the write off of inventories - Whether the Tribunal was justified in law in not passing the reasoned order in respect of claim of the appellant on the facts and circumstances of the case? - Held that:- Since the appeal fi .....

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e, relying upon the order made for the assessment year 2002-03 is not sustainable. Hence, the Tribunal is directed to reconsider the matter afresh for the assessment year 2004-05, in the light of the order made in [2009 (2) TMI 248 - ITAT, BANGALORE .....

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9-10-2015 - Vineet Saran And B. Manohar, JJ. For the Petitioner : Sri. A. Shankar & M.Lava Advs For the Respondent : Sri. K. V. Aravind & Sri. G. Kamaladhar, Advs JUDGMENT The assessee preferred this appeal under Section 260-A of the Income T .....

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ereinafter referred to as the Tribunal for short) for the assessment year 2004-05. 2. The assessee is a public limited company, manufacturing cement in the factory situated at Mathodu village, Hosadurga Taluk. The assessee filed return of income on 3 .....

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ccount and relevant schedule. However, the Assessing Officer disallowed a sum of ₹ 2,23,52,396/- towards inventories written off, as the assessee did not carry on any business during the assessment year 2003-04 and also disallowed various expen .....

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owing the expenditure of ₹ 20,45,323/-. Being aggrieved by the order passed by the First Appellate Authority, the assessee preferred an appeal before the Tribunal. The Tribunal without going into the merits of the matter, relying upon the order .....

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Section 254(2) of the Act. The said Misc. Petition was also dismissed relying upon the order made for the assessment year 2002-03 in ITA No.855/Bang/2008 dated 6-2-2009 without going into the merits of the case. Being aggrieved by these two orders, t .....

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