2015 (1) TMI 1020

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Income Tax Appellate Tribunal, Ahmedabd [for short "the Tribunal"] in ITA No.2278/Ahd/1999, whereby the appeal filed by the revenue was dismissed by the Tribunal. 3. In Tax Appeal No.1738 of 2005, the appellant-revenue has challenged the judgment and order dated 09.05.2005, passed by the Tribunal in ITA No.1442/Ahd/2001, whereby the appeal filed by the revenue was dismissed by the Tribunal. 4. The facts of these appeals are identical, therefore, we discuss the facts of Tax appeal No.1827 of 2005 for our convenience. 5. The facts, in brief, are that the assessee had filed its return on 29th November, 1996 for the assessment Year 1996-97 and declared total loss of Rs. 56,50,705/-. After scrutiny, the Assessing Officer passed the ass....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Tribunal has not properly appreciated the material on record. Therefore, he urged that the present appeals deserve to be allowed. 8. On the other hand, Mr. Soparkar, leaned senior advocate for the respondents-assessees has submitted that the question of law raised in this appeal is already been concluded by the Apex Court in favour of the assessee and against the revenue in the case of Kendarnath Jute Mfg. Co. Ltd. v. Commissioner of Income-Tax (Central), Calcutta, reported in [1971] 82 ITR paged 363. 9. We have heard learned advocate for both the parties and perused the material on record. We have also perused the decision of the Apex Court relied upon by the learned advocate for the respondents-assessees and find that the question ....