2012 (10) TMI 815

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.... ACCOUNTANT MEMBER   This is an appeal filed by the Revenue directed against the order of the Ld. CIT(A)-XII, New Delhi dated 28.11.2011 for the Assessment Year 2007-08. 2. The assessee is a Partnership firm and is engaged in the business of manufacturing and export of garments. During the year under consideration, it filed its return of income declaring loss of Rs.15,69,595/-. The Assessin....

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....C. In case the assessee was not in a position to fully utilize the export quota allotted to it, AEPC, would forfeit the deposit. The assessee had an opening balance of deposits with AEPC as on 1st April,2006 amounting to Rs.13,54,284/-. The assessee had written off the same on the ground that the same is irrecoverable. The Assessing Officer disallowed on the ground that the assessee failed to dis....