2021 (1) TMI 889

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....ORDER ( PER : HONOURABLE MR. JUSTICE J.B.PARDIWALA ) 1. This Tax Appeal under Section 260 of the Income Tax Act, 1961 (for short, 'the Act, 1961') is at the instance of the Revenue and is directed against the order passed by the Income Tax Appellate Tribunal, Rajkot Bench, Rajkot dated 23.9.2019 in ITA No. 946/RJT/2010 for the A.Y. 2006­07. 2. The revenue has proposed the foll....

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.... respect to the first question, as proposed by the revenue, the finding of fact recorded by the Tribunal reads as under : "para­6: We have heard the rival contentions and perused the material on record. During the course of appellate proceedings before us, the ld. Counsel has submitted details of information and copies of documents before the assessing officer and CIT(A) at the time o....

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....bour work. After considering the decision of Hon'ble Supreme Court in the case of CIT Mysore Sugar Company Ltd 46 ITR 649(SC) wherein it is held that in case the company had advanced money to sugarcane grower for purchase of sugarcane and when they were unable to purchase sugarcane, the amount was written off and claimed as trading loss and the same was allowed. Therefore, after considering th....

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....nt of raw material and labour work. 5. So far as the second question, as proposed by the revenue, the finding of fact recorded by the Tribunal reads as under : "para­10:­We have heard rival contentions and perused the material on record. The assessing officer has disallowed the claim of loss on account of absolescene of stock of fish to the amount of Rs. 3,88,28,010/­ stati....