TMI Blog2022 (10) TMI 463X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee had been forced to accept the fertilizers bonds issued by the Govt. of India - loss in respect of the diminution in the value of the fertilizer bonds was specifically computed on the basis of the rates fixed by the Clearing Corporation of India Limited (CCIL), a corporation under the Govt. of India, which is cast to the duty in respect of the valuation of bonds and other securities - the methodology adopted by the assessee was a scientific method. It was supported by the rates issued by the Govt. of India itself and the loss was actually determinable, though would be actually incurred at the time of redemption. CIT(A) has correctly followed the judicial discipline in following the order of the coordinate bench of the Tribunal i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . CIT(A)1, Bhubaneswar is erroneous both on facts and in law . (ii) On the facts and in the circumstance in the case, the Ld. CIT(A) is not right in deleting the disallowance made under 'diminution in value of Govt. of India Fertilizer Bonds' amounting to Rs.10,16,25,000/- ignoring the decision of the Hon'ble Apex Court in the case of Sri Sajjan Mills v. ClT, 156 ITR 585 . (iii) On the facts and in the circumstance in the case, the Ld. CIT(A) is not right in law in allowing a provision, made in the accounts of the assessee for some anticipated loss on GOl Fertilizer Bonds 011 presumption and not accrued or crystallized during the year, as expenditure allowable under section 37(1) the IT. Act. (iv) The appellant craves t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re-assessment proceedings. e. ought to have held that the issue of notice u/s.148 for re-opening the assessments is unjustified, erroneous, bad in law, without/lack of jurisdiction and legally untenable. f. has mis-appreciated/misapplied the case laws relied upon by him as the same is not applicable to the case of the appellant. g. ought to have held that the order dated 15.11.2017 u/s.1471143(3) of the Act passed by the learned 'AO' is arbitrary, unjustified, erroneous, bad in law and legally unsustainable. 5. In the revenue s appeal, the ld. CIT-DR submitted that the issue is against the action of the ld. CIT(A) in deleting the disallowance of the provision made in respect of an anticipated loss being the diminution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ission that the ld. CIT(A), however, had followed the decision of coordinate bench of the Tribunal in assessee s own case for AYs. 2009-10, 2010-11 2014-15 to delete the addition. It was the prayer that the order of the ld. CIT(A) is liable to be reversed and that of the AO to be restored. 6. In reply, ld. AR submitted that the assessee manufactures phosphatic fertilizers. In lieu of the cash subsidy due from the Govt. of India, the assessee had been forced to accept the fertilizers bonds issued by the Govt. of India. It was the submission that the loss in respect of the diminution in the value of the fertilizer bonds was specifically computed on the basis of the rates fixed by the Clearing Corporation of India Limited (CCIL), a corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fixing the rates in respect of the bonds/security. Thus, clearly shows a rationale. This being so, we are of the view that the facts in the case of Tripty Drinks (P.) Ltd., referred to by the ld. CIT-DR, has no bearing to the facts of the assessee s case and consequently the same is distinguishable. Further it is noticed that the issue in assessee s appeal is squarely covered by the decision of coordinate bench of the Tribunal in assessee s own case for AYs. 2009-2010, 2010-2011 2014-2015, referred to supra. It is also noticed that the ld. CIT(A) has also followed the judicial discipline in following the order of the coordinate bench of the Tribunal in assessee s own case. This being so, we have no reason to interfere with the order of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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