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Assistant Director of Income Tax, Circle-1 (1) , International Taxation, New Delhi Versus M/s Bumi Hiway (M) SDN BHD And Vice-Versa

2016 (9) TMI 294 - ITAT DELHI

Carry forward or set off of loss - Held that:- More than eleven years have passed from the relevant assessment year and, therefore, whether the set off of the loss determined in this year was claimed by the assessee in any of the subsequent year. In our opinion, if no set off of loss is claimed by the assessee in the subsequent year, then the quantum of the loss, whether it is ₹ 10.55 crores or ₹ 12.44 crores, became only of academic nature. Learned DR fairly submitted that if no set .....

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ee in the subsequent year, and the time limit for carry forward or set off of loss has expired, in our opinion, the amount of loss determined does not have any tax effect so far as the assessee or the Revenue is concerned. We, therefore, hold that Revenue’s appeal has effectively nil tax effect. Therefore, the CBDT Circular No. 21/2015 dated 10th December, 2015 is squarely applicable. Learned counsel for the assessee was also fair enough to say that the assessee’s cross-objection should also be .....

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. D. Agrawal, VP The appeal by the Revenue and the cross-objection by the assessee are directed against the order of learned CIT(A)-XXIX, New Delhi dated 28th December, 2011. 2. The Revenue has raised the following ground in its appeal :- On the facts and in the circumstances of the case, the ld.CIT(A) has erred in deleting the addition of ₹ 96,77,295/- made by the AO on account of adhoc disallowance of 5% out of material consumed, after having held that the books of accounts of the assess .....

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ra 4 of CIT(A) order) 3. That on the facts and circumstances of the case CIT(A) erred in upholding the addition of ₹ 38,43,547/- as the 20% of ₹ 1,92,17,732/- (Ground no.2.2 before CIT(A) para 4). 4. That on the facts and circumstances of the case CIT(A) erred in upholding the addition of ₹ 54,09,879/- being 5% of labour charges of ₹ 10,8197,584/- (Para 6 of CIT(A) order). 4. At the time of hearing, we have noticed that as against the declared loss of ₹ 12.44 crores .....

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