2003 (4) TMI 253

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....rders of the AO. As against this the learned authorized representative of assessee has relied on the order of CIT(A). 4. I have considered the rival contentions, the material on record as also the orders of AO and learned CIT(A). The learned CIT(A) has observed that the deposits made in the RD a/c of two children is just of Rs. 2,400 each i.e., of Rs. 200 p.m. He has also observed that it is customary to receive and give small gifts on ceremonial and other occasions and so there is no justification to reject assessee's explanation. Considering the facts and circumstances of the case, I agree with the finding of learned CIT(A) in deleting the said addition. As such the deletion of addition by the learned CIT(A) is found to be quite justif....

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....entions together with the facts of the case. From the perusal of record it is found that the assessee has purchased partly fire damaged split from India Gum Industries. The assessee's plea has been that it was a bargain which consisted both sound stock and damaged stock and the assessee was hopeful of making profit after separation of sound stock and damaged stock; and that the assessee could not make profit because the damaged stock worked out to be in higher quantity. The AO has not controverted the assessee's above statement/contentions with any supportive material or basis for disallowance of the loss. As such considering all the facts and circumstances of the case I find it to be not justified on the part of AO to disallow the said los....