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Commissioner of Income-Tax Versus Preetam Singh Luthra

[2016] 386 ITR 408 - Addition of the licence fee paid - HC deleted the addition - Held that:- The licence fee stands forfeited, the licencee/assessee may be entitled to claim the forfeited amount as a business loss. However in the present case, from the grounds urged before the High Court which facts have not been controverted by the assessee, it appears that the respondent had transferred the licence on June 25, 2005 to one Shankarlal Patidar and the forfeiture of the said licence took place th .....

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ribunal and the learned Commissioner of Income-tax (Appeals) passed in favour of the assessee and affirm the order of the Assessing Officer disallowing the aforesaid claims of the assessee. - Decided against assessee - Civil Appeal No. 7169 of 2016 - Dated:- 29-7-2016 - Ranjan Gogoi And Prafulla C. Pant JJ. For the Appellant : N. K. Kaul, Additional Solicitor General (Sanyat Lodha, Ms. Sadhna Sandhu and Mrs. Anil Katiyar, Advocates, with him) For the Respondent : Shalu Sharma, Advocate JUDGMENT .....

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ibunal and the High Court appears to be that since forfeiture of the amount of the licence fee has taken place the said amount has to be set off as loss for the assessment year in question. 3. In taking the aforesaid view, the High Court had relied upon the judgment passed by the Madras High Court in CIT v. Chensing Ventures reported in [2007] 291 ITR 258 (Mad). 4. If the licence fee stands forfeited, the licencee/assessee may be entitled to claim the forfeited amount as a business loss. However .....

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