1960 (2) TMI 63

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....nt year 1943-44, the previous year for which ended on March 31, 1943. The second question relates to the year of account ending with March 31, 1944, the corresponding assessment year being 1944-45. On the findings of the Tribunal we can see no justification for the disallowance ordered by the Tribunal. The Income-tax Officer disallowed the claim as a whole in each year on the ground that no sho....

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....orities to make good the value of the garments short delivered, that is, garments lost by the assessee. The assessee maintained his accounts on the mercantile basis. Even if the loss had been spread over a number of years, till the loss was ascertained, there could be no possibility of his showing them in his accounts. The Tribunal apparently accepted the case of the assessee that it was only when....

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.... if there was a short delivery to the military authorities, that was virtual a proof that, as far as the assessee was concerned, these pieces themselves were lost. Hence the caption "lost garments" under which the claim for loss sustained in the course of the business was made. With reference to the assessment year 1943-44, the fact that some of the garments might have been lost in the previous....

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.... find that the assessee had not established the loss he claimed. It those two factors were beyond dispute, then the fact that in the case of others a claim had been allowed on the basis of a percentage of 1.75 was really irrelevant. On the material placed before the Tribunal, the Tribunal should have allowed the whole claim; that is, as we said, on the finding recorded by the Tribunal, there was n....