2021 (2) TMI 343

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....the Sunder Agri Commodities India Private Limited), for the assessment year 2014-15, assessee preferred this appeal on 3 grounds. Ld. AR, however the time of arguments, gave up grounds No. 1 and 2 and confined the arguments to ground No. 3 in respect of the disallowance of forward losses basing on the closing stock for the assessment year 2013-14, which would be the opening stock for the assessment year 2014-15. 2. Brief facts of the case are that the assesseeis a private limited company incorporated under the provisions of the Companies Act, 1956 and is mainly engaged in the trading of agricultural commodity i.e. cotton; that during the immediately preceding year i.e. AY 2013-14, the assessee has valued its closing stock based on Net Re....

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....d 29.03.2016 was passed at a total loss of Rs. 56,44,239/- as against returned loss of Rs. 3,18,86,095/- thereby reducing the losses. Hence the available loss frob/f with the appellant is Rs. 56,44,239/-. The AO had confronted this to the appellant vide note sheet dated 28.11.2016. There is no provision for keeping such disallowances in abeyance. The AO restricted the set-off of brought forward loss to Rs. 56,44,239/-. On the facts as discussed supra, this ground is decided against the appellant. The action of the AO is upheld" 4. Aggrieved by such findings of the Ld. CIT(A) the assessee preferred this appeal. 5. At the outset, Ld. AR submitted that the assessee is contemplating to settle its litigation for AY 2013-14 and AY 2014-15 b....