TaxTMI 
TaxTMI 
1994 (7) TMI 81
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....owing questions to be directed to be raised by the Tribunal and referred to us for determination: "1. Whether, on the facts and in the circumstances of the case, the assessee is entitled to claim deduction on the ocean loss of Rs. 4,46,92,480 in the assessment for the assessment year 1981-82 ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law and fact in....
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....and 1982-83. For the assessment year 1981-82, the assessee claimed ocean loss of Rs. 4,46,92,480 while for the assessment year 1982-83, the assessee claimed ocean loss of Rs. 1,04,24,414. Prior to the assessment years in question, in respect of crude oil which was transported for the refinery by the Shipping Corporation of India, ocean loss up to 0.5 per cent. was borne by the concerned refinery a....
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....oration of India and pool account adjustments made by oil companies for the period from January 1, 1978, to December 31, 1980, each individual voyage will be analysed by OCC/Refineries/SCI jointly for determining the ocean loss recoverable from the Shipping Corporation of India and adjustable by oil companies in pool accounts. The Department contended that the liability of the refinery for ocean ....