2013 (2) TMI 50

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....en filed under Section 260 (A) of the Income Tax Act, 1961 (hereinafter referred to as the 'Act') against the order dated 17.8.2010 passed by the Income Tax Appellate Tribunal, Allahabad Bench (hereinafter referred to as the 'Tribunal'). The Commissioner of Income Tax, Varanasi has proposed the following two substantial question of law said to be arising out of the order of the Tribunal: - (1) ....

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....iled it's return of income declaring an income of Rs. 5,43,450/-. The Assessing Officer however assessed the income at Rs. 67,74,539/-. Out of loss of Rs. 1,11,17,730/- from the newspaper business, the Assessing Officer disallowed the loss of Rs. 71,75,834/- by limiting loss at 1.883% instead of 5.29%, declared by the assessee. Feeling aggrieved, the assessee preferred an appeal before the Comm....

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....e loss rate at 1.883% instead of the loss declared at 5.29%. The question of disbelieving the loss declared by the assessee would arise only if the books of accounts maintained by the assessee has been rejected in accordance with law. As already pointed out by the CIT (A) as also the Tribunal, no specific defect has been pointed out by the Assessing Officer as to why the books of accounts is li....