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Punjab State Cooperative Supply and Marketing Federation Ltd. Versus Commissioner of Income Tax-II, Chandigarh

2015 (12) TMI 1072 - PUNJAB AND HARYANA HIGH COURT

Disallowance of business loss claimed u/s 41(1) - damaged stock of paddy - disallowance based on auditors note/ certificate - Held that:- The matter is required to be remanded keeping in view the facts urged by the assessee that certain amount out of the damaged stock of paddy of ₹ 5.08 crores was received by the assessee in the financial year 1997-98 relating to the assessment years 1998-99 onwards upto assessment year 2003-04 and that the amount so received was taxed in the year of recei .....

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garh (hereinafter referred to as the Tribunal ) in ITA No. 189/Chd/2007, relating to the assessment year 1997-98, claiming the following substantial questions of law:- i) Whether, on the facts and circumstances of the case, the Tribunal is justified in confirming the disallowance of business loss claimed under section 41(1) of the Income Tax Act, 1961 of ₹ 5,08,02,633/- on account of damaged stock of paddy on the basis of auditors note/ certificate for the year under consideration and by i .....

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33/- on account of damaged stock of paddy on the basis of auditors note/certificate for the year under consideration by erroneously holding that no evidence was brought on record to prove the said stock being damaged or unfit for milling and also to prove the recovery or sale of the said damaged stock in subsequent years by ignoring the fact that amount realized on sale of such damaged stock in subsequent years have been taken as income as per the provisions of Income Tax Act, 1961 duly accepted .....

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is pending admitted before Hon'ble Supreme Court of India? v) Whether the order of the Tribunal is perverse and against the provisions of law? 2. This Court vide order dated 13.8.2014 held that questions No.(iii) and (iv) did not arise for consideration as learned counsel for the appellant admitted that the said questions stand covered by the decision of this Court in CWP No. 3241 of 1999 (Punjab State Cooperative Supply & Marketing Federation Ltd. v. Union of India and others). On 13.8. .....

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dence was brought on record to prove the said stock being damaged or unfit for milling and by ignoring the fact that amount realized on sale of such damaged stock in subsequent years have been taken as income as per the provisions of Income Tax Act, 1961 as duly accepted in the respective assessment years under scrutiny assessment u/s 143(3) of Income Tax Act, 1961 which would lead to double taxation? 3. Briefly stated, the facts necessary for adjudication as narrated in the appeal may be notice .....

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ing re-audit as reduction has been made under the head physical balance paddy from 186.32 crores to 181.24 crores in trading account of paddy. It was explained that the difference of paddy stock is shown as physically available but actually damaged and not fit for milling. The stock was valued at zero in view of observation of audit vide report/certificate dated 29.10.1997 (Annexure A-5). The Assessing Officer vide assessment order dated 27.3.2000 (Annexure A-1) made an addition of ₹ 5,08, .....

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