2022 (9) TMI 659

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....tanding Counsel with Ms. Mansie Jain, Advocate. Respondent Through: None. J U D G M E N T MANMOHAN, J (Oral): 1. Present Income Tax Appeal has been filed challenging the Order dated 14th October, 2019 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No.4603/Del/2019 for the Assessment Year 2012-13. 2. Learned Counsel for the Appellant states that the ITAT has erred in del....

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....r of Income Tax, Dehradun, AIR 2010 SC 1927. The relevant portion of the latter judgment, wherein the earlier judgment has been followed, is reproduced hereinbelow:- "Having carefully perused the decision of this Court in Woodward case, we are of the opinion that both the issues stand concluded by the said decision. Dealing with the said issues extensively, speaking for the Bench, S.H. Ka....

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....me treatment to losses claimed to have accrued and to the gains that may accrue to it; (iv) whether the assessee has been consistent and definite in making entries in the account books in respect of losses and gains; (v) whether the method adopted by the assessee for making entries in the books both in respect of losses and gains is as per nationally accepted accounting standards....

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....hat all the aforesaid conditions stipulated by the Supreme Court stand satisfied in the present case. 6. As far as the finding of the ITAT that the CBDT Circular No.3/2010 dated 23rd March, 2010 is contrary to the judgment of the Supreme Court in Oil and Natural Gas Corporation Ltd., Dehradun though Managing Director Vs. The Commissioner of Income Tax, Dehradun (supra) and CIT Vs. Woodward Gove....