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Commissioner of Income Tax, Delhi-IV, New Delhi Versus H.B. Stock Holding Ltd.

2015 (12) TMI 981 - DELHI HIGH COURT

Addition of a loss incurred by the assessee for block assessment - ITAT deleted the addition - Held that:- ITAT correctly held that "there was no material with the Assessing Officer to disallow the claim of loss claimed by the assessee while filing its regular returns of income, because there being no material evidence found during the search and, therefore, it was beyond the power of the AO to review the position already accepted while passing the assessments u/s 143(3) on the basis of regular .....

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he order of the Supreme Court dated 13th January 2006 in Civil Appeal No. 481 of 2006 which reads as under: "Leave granted. The respondent-assessee had challenged the order dated 31st March, 2000, made by the Commissioner of Income Tax (Appeals) in respect of block period 1st April, 1987 to 7th August, 1997 before the Income Tax Appellate Tribunal [for short, "the Tribunal"]. The Commissioner of Income Tax (Appeals) [for short, "the Commissioner"] had dismissed the asses .....

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ers of the Tribunal as also of the Commissioner. We may only observe that the Commissioner, in its order, has extensively referred to the material on record for affirming the order of the assessing officer. The Tribunal has, however, held that there was no material with the assessing officer to disallow the claim of loss claimed by the assessee while filing its regular returns of income. In the appeal filed before the High Court, one of the questions raised by the Revenue is whether the order of .....

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r framing the requisite question of law. The civil appeal is, accordingly, allowed. No costs." 2. That is how the present appeal is being heard again by the Court. 3. On 29th August 2006 while formally admitting the appeal, this Court framed the following two questions for determination: "1. Whether the Income Tax Appellate Tribunal erred in deleting the addition of a loss of ₹ 35,95,34,493/- incurred by the assessee for block assessment period from 1st April, 1997 to 7th August, .....

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was sought and the following order was passed: "1. Mr. Sahni, learned Senior standing counsel for the Appellant seeks time to produce Annexures A-35 and A-53 (which have been referred to in the assessment order) as well as the reconciliation statement furnished by the Assessee and the chart prepared by the AO, which have been referred to in the orders of the CIT (A) as well as ITAT. The same be produced before on the next date of hearing. 2. List on 5th November 2015." 5. Again on 5th .....

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ade to find out the same. Therefore, it is requested to take an adjournment on the next date of hearing and the assessment order would be sent to you as soon as the records are traced." 7. Considering the number of adjournments already granted in the matter, the Court does not consider it reasonable to grant any further adjournment to produce the relevant record. As already noticed by the Supreme Court, the ITAT noted in its order that "neither the AO, nor CIT (Appeals) has brought any .....

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