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Commissioner of Income-Tax Versus Preetam Singh Luthra

2016 (11) TMI 728 - SUPREME COURT OF INDIA

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 bef .....

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2005. If that be so, the loss, if any, on account of forfeiture was sustained not by the respondent-assessee but by the transferee-Shankarlal Patidar. - In view of the above and as the learned Tribunal and the High Court have overlooked the afor .....

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ed 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 - .....

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The challenge in this appeal by the Revenue is against the order of the High Court of Madhya Pradesh passed in I. T. A. No. 59 of 2013 by which the High Court has upheld the orders of the Income-tax Appellate Tribunal and the learned Commissioner of .....

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ourt 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 pass .....

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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 pl .....

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