TMI Blog2016 (10) TMI 980X X X X Extracts X X X X X X X X Extracts X X X X ..... years i.e. 1989-90. The order passed by the Tribunal for the assessment year-1989-90 is on record of this case at page 169 and in paragraph 20 thereof a chart has been reproduced, which shows that assessee had claimed a loss at the rate of 5.58% and 14.42%. In addition of the allowances made towards losses come to 17.9%. From this very paragraph it is clear that contention of the assessee that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Appeal No. 172 of 2006 as the leading case. This is an Income Tax Appeal filed under Section 260 A of the Income Tax Act, 1961 against the order dated 31.1.2006 passed by the Appellate Tribunal in ITA No. 329 of 1994 for the assessment year- 1990-91. The questions sought to be answered are hereunder: (1) Whether the Tribunal as well as Assessing Authority were justified in confining the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal while passing the impugned order has made an error, which is apparent on the face of the record because the Tribunal has accepted these losses to the extent of 10% for the previous years i.e. 1989-90. The order passed by the Tribunal for the assessment year-1989-90 is on record of this case at page 169 and in paragraph 20 thereof a chart has been reproduced, which shows that assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ces made towards losses come to 17.9%. From this very paragraph it is clear that contention of the assessee that it was confined to 10% is correct. It was more than 10%. The matter requires reconsideration by the Tribunal on the quantification of the losses. The order of the Tribunal in respect of the assessment of the losses for the assessment year 1989-90 is set aside and the matter is sent b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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