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G. Manavala Naidu Versus Commissioner of Income-tax/Excess Profits Tax

1960 (2) TMI 63 - High Court Of Madras

CASE REFERRED NO. 55 OF 1955 - Dated:- 23-2-1960 - Rajagopalan And Ramachandra Iyer, JJ. JUDGMENT Rajagopalan, The first question relates to the assessment year 1943-44, the previous year for which ended on March 31, 1943. The second question relates .....

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as a whole in each year on the ground that no shortage had been proved. The Assistant Commissioner allowed the claim as a whole in both the years, because he was satisfied that the assessee sustained loss by the shortage in garments. The position ta .....

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assessment year 1943-44 the Tribunal pointed out that even the assessee admitted that the loss in garments for which a claim was made was sustained not only in the year ending with March 31, 1943, but also in the previous years. But the Tribunal appa .....

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ntile basis. Even if the loss had been spread over a number of years, till the loss was ascertained, there could be no possibility of his showing them in his accounts. The Tribunal apparently accepted the case of the assessee that it was only when th .....

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garments was lost could not be fixed with precision, the loss was ascertained only in the year of account and it was only in the year of account that the assessee had to make good the value of the lost garments to the military authorities. It should .....

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essee could not trade in those garments. Therefore, if there was a short delivery to the military authorities, that was virtual a proof that, as far as the assessee was concerned, these pieces themselves were lost. Hence the caption "lost garmen .....

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admitted that possibly only about one-half of the claim represented the value of the garments lost in the relevant year of account made no difference to the claim of the assessee. The loss was ascertained in that year and it was only with reference .....

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