2013 (4) TMI 838

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ue is aggrieved by the impugned order dated 24.1.2012, passed by the learned CIT(A)-II, Indore. The sum & substance of the grounds of appeal is that on the facts and in the circumstances of the case, ld. first appellate authority has erred in holding that the assessee is entitled to set off the loss on account of forfeiture of license fee (business loss) against income assessed u/s 69 (income from....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cision from Hon'ble Madras High Court in CIT vs. Chensing Ventures (291 ITR 258) (Mad). 3. We have considered the rival submissions and perused the material available on record. The facts, in brief, are that there was information that the assessee deposited Rs. 3,93,67,000/- towards group license fee, for obtaining poppy straw contract for F.Y. 2005- 06, in favour of Excise Department. As per the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nish the copies of the trading and P & L account. As per the Revenue, no compliance was made by the assessee. The assessee claimed the amount as business loss by further claiming that under the provisions of sec. 70(1) of the I.T. Act, there was no bar of such set off. There is a finding in the impugned order that the figure was actually Rs. 2,32,33,500/- and not Rs. 3,93,67,000/- as discussed in ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

...., loss can be set off against such income. Our view is supported by the decision from Hon'ble Madras High Court in the case of Chensing Ventures (supra) wherein during the course of survey u/s 133A of the Act, it was noticed that the assessee made certain cash payments to the bank, out of which, Rs. 28.50 lacs could not be explained. The amount was surrendered voluntarily for taxation. Later, the ....