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2016 (10) TMI 980 - ALLAHABAD HIGH COURT

2016 (10) TMI 980 - ALLAHABAD HIGH COURT - TMI - 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. 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 ha .....

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rati Sapru And Hon'ble Vinod Kumar Misra, JJ. 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 counsel for the department. As the controversy involved in these appeals is identical, the same is being decided by a common judgment and order treating the Income Tax Appeal No. 172 of 2006 as the leading .....

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r the Tribunal has misread and misconstrued the order 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, wheels etc. The basic raw material, heavy ingots, which were being used, were received from the railway yards. These ingots were cut into small pieces by adopting gas cutting procedure. During gas cut .....

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