1970 (12) TMI 17

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....a firm which owns a ginnery and oil mill. The assessment year in question is 1953-54, corresponding to which the previous year ended on May 30, 1952. In that year the assessee sold 495 maunds, 27 seers of oil, manufactured by it, to Amrit Banaspati Company Ltd. at the rate of Rs. 57-8-0 per maund, that is, for a total value of Rs. 26,642. The purchaser-company did not take delivery of the oil cont....

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....High Court for recovery of the amount. Since the loss debited to the trading account has not been finally settled, the debit as created in the groundnut account cannot be allowed and the same is being added back." The assessee preferred an appeal against the disallowance of the loss but the Appellate Assistant Commissioner upheld the disallowance on the same ground as given by the Income-tax Of....

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....section 66(2) of the said Act which was allowed by this court and a direction was issued to the Income-tax Appellate Tribunal to state the case and refer the following question of law for opinion to this court: "Whether, on the facts and in the circumstances of the present case, the Tribunal was justified in upholding the disallowance of Rs. 9,160 on account of loss and damages suffered by the ....

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....-firm in the accounting year relevant to the assessment year 1953-54, and if, as a result of litigation, it was found entitled to less amount than the amount claimed, the difference could be included in the assessable income of the assessee for the year during which the final decision of the litigation was made. Similarly, if the assessee had been successful in obtaining the entire amount of loss ....