2013 (4) TMI 120

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.... (Per : HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA) This Appeal is at the instance of the Revenue and is directed against an order dated May 24, 2010, passed by the Income Tax Appellate Tribunal, Ahmedabad Bench "A" ["the Tribunal"] in ITA No. 2759/Ahd/2007 for the Assessment Year 2003-04, thereby dismissing the appeal preferred by the Revenue. The only question raised by t....

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...., the adjustment to the stock was made for the Assessment Year 2004-05 and the balance loss of Rs. 58,53,130/- was adjusted against the credit waiver granted by the financiers and the assessee did not claim any loss in the accounts even in the year ended March 31, 2004. In such circumstances, the Commissioner of Income Tax [Appeals], {"CIT [Appeals]" } was of the view that the assessee had not ....

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....materials, we agree with the authorities below that the ex gratia claim being accepted only on November 19, 2003 and the amount of Rs. 60,00,000/- having been debited by the Insurance Company directly to the finance company, the entire original cost of Rs. 1,24,88,980/- was reflected as closing stock as on March 31, 2003 and on receipt of ex gratia by the financiers, balance loss of Rs. 58,53,130/....