2014 (11) TMI 802

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.... 2. While admitting the matter on 07.10.2003, the following substantial questions of law were framed by this Court:-     "[1] Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in confirming the action of the respondent in disallowing the trading loss of Rs. 23,01,770/-, in view of the fact that the appellant had produced various details on record of the Tribunal to substantiate its claim of the said loss?     [2] Whether, on the facts and in the circumstances of the case the Tribunal was justified in rejecting the alternative contention raised by the appellant that the said loss be allowed as bad debt?" 3. The facts of the case which give to this Tax Appeal....

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....committed an error in coming to the conclusion that merely because entries are not made in the account of Prashant Sarawgi, the same is required to be refused. 5. Learned Senior Counsel S.N. Soparkar has relied on the decision of the Hon'ble Apex Court in the case of Tuticorin Alkali Chemicals and Fertilizers Ltd. v. Commissioner of Income-Tax reported in 227 Income Tax Reports 172. Relevant part of the above decision is reproduced as under:-              "It is true that this court has very often referred to accounting practice for ascertainment of profit made by a company or value of the assets of a company. But when the question is whether a receipt of money is taxable....