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2016 (3) TMI 684 - MADRAS HIGH COURT

2016 (3) TMI 684 - MADRAS HIGH COURT - TMI - Revision u/s 263 - expenditure disallowed as assessee did not carry the business as per CIT(A) - Held that:- In the case on hand, both the Assessing Officer as well as the Commissioner were ad idem on one thing namely that the business operations of the assessee came to a stand still during the accounting year ending 31.3.1999. In paragraph 6 of the order dated 12.4.2005 passed under Section 263, the Commissioner concurred with the finding of the Asse .....

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satisfied the first condition. This error of law consequently became prejudicial to the interests of the Revenue, as seen from the computation made by the Deputy Commissioner in the proceedings for giving effect to the order of the Commissioner. In such circumstances, the first question of law on the scope of Section 263 has to be answered against the appellant/assessee. - Tax Case Appeal No. 1383 of 2007 - Dated:- 17-2-2016 - V. Ramasubramanian And N. Kirubakaran, JJ. For the Appellant : Mr. K .....

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ing 'erroneous' and 'prejudicial' to the interest of the Revenue ? and (ii) Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in not adjudicating on the claim of the assessee to allow the carried forward business losses and unabsorbed depreciation to be set off against the current year's income ?" 3. The assessee was originally engaged in the business of manufacture and export of leather goods. It availed term loans from the .....

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llant claimed a business loss of ₹ 1,27,95,073/-, setting it off with the income from house property thereby claiming a net loss of ₹ 37,31,967/-. The appellant also claimed refund of the entire tax deducted at source on the ground that no tax was payable during the relevant year. 6. The Assessing Officer completed the assessment under Section 143(3), disallowing a portion of the depreciation on building, furniture and plant and machinery, claim of bad debts, etc., and assessed the t .....

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appellant as claimed. The Commissioner consequently held that the business loss claimed by the appellant should be disregarded and not to be set off and that the business loss brought forward by the appellant should not be allowed to be set off. The appellant unsuccessfully filed an appeal before the Tribunal and thereafter, came up with the above appeal. 8. The law is well settled on the scope of jurisdiction under Section 263. The Supreme Court held in Malabar Industrial Co.Ltd. Vs. C.I.T. [(2 .....

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