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Punjab Steel Works, Chauri Chaura, Gorakhpur Versus Asst. Commissioner of Income Tax, Central Circle, Gorakhpur

2016 (10) TMI 980 - ALLAHABAD HIGH COURT

Quantification of the losses - Held that:- The 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. 19 .....

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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 it was confined to 10% is correct. It was more than 10%. - The matter requires reconsideration by the Trib .....

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For the Appellant : Krishna Agrawal,S.D.Singh For the Respondent : S.C.,A.N.Mahajan,R.K.Upadhyay ORDER Heard Sri S.D. Singh, learned Senior Advocate assisted by Sri Abhay Singh, learned counsel for the appellant and Sri Subham Agarwal, learned couns .....

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ction 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 .....

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rder of earlier year? The facts of the case is that the appellant is steel rolling mill, which was engaged in the manufacture of ring bars, tor bars, ribbed bars, angles and flats from ingots and other raw materials i.e. billets, blooms, axel, slabs, .....

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es were occurred. The assessment of these losses should be reckoned by the Tribunal. The 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 ex .....

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oss at the rate of 5.58% and 14.42% The order of the Tribunal for the assessment year 1989-90 is at paragraph no. 21, which is hereunder: "The results of M/s. Ashoka Iron & Steel Rolling Mills were accepted by the Tribunal for the assessment .....

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e burning loss of 14.42% is higher than the Burning loss of 12.32% in the comparable case by 2.1%. We, therefore direct that Burning loss of the first stage will be reduced by 2.1.%. The excess wastage at the rate of 2.10% of 8.500 M.T. crores to 178 .....

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