TMI Blog2017 (5) TMI 1597X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr. K.S. Jhaveri And Dr. Virendra Kumar Mathur JJ. For the Appellant(s) : Mrs. Parinitoo Jain with Mr. Mukesh Meena For the Respondent(s) : Mr. Sanjay Jhanwar with Mr. Prakul Khurana Ms. Archana JUDGMENT Per Hon ble Jhaveri, J. 1. By way of this appeal, the appellant has challenged the judgment and order of the Tribunal whereby the Tribunal has partly allowed the appeal preferred by the assessee and dismissed the appeal preferred by the department. 2. This Court while admitting the appeal on 04.10.2016 has framed the following substantial questions of law: (i) Whether the Tribunal was legally justified in deleting the addition of ₹ 1,07,38,198/- made on account of inventories written off specifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In fact the A O has made these observations in the assessment order on the basis of arguments of ld. D/R in course of appellate proceedings for assessment year 2003-04 before the ITAT. Hon ble ITAT in assessment year 2003-04 in ITA No. 188 265/JP/2007 dated 9.8.2010 after considering the said arguments of ld. D/R held that there is no case of double deduction and deleted the disallowance made in respect of the inventories written off. Copy of ITAT order is at. 1.Reliance is placed on following cases: J. C. I. T. Vs. ITC Ltd. 299 ITR (AT) 341(SB) (Cal.): CIT Vs. Alfa Leval (India) Ltd. 295 ITR 451 (SC): 8.9. In the present case, the assessee has actually written off the inventory of ₹ 91,83,353/- by identifying the damaged / obs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was disproportionate to the turn-over. 6.2 In that view of the matter, the Tribunal has seriously committed an error in allowing expenses. 6.3 However, counsel for the respondent has taken us to para 6.3 where the Tribunal summarizing the same observed as under: 6.3 After considering the rival submission, we find that Group M Media India Pvt. Ltd. is an Indian Co. as is evident from the company master details placed at Paper Book Page 17. From the same, it is noted that this company is incorporated on 29.11.2001 having registered office at Mumbai. Therefore, it is an Indian Co. as defined u/s 2(26) and is a company resident in India u/s 6(3). All payment made to this company towards advertisement charges is in Indian currenc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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