2015 (7) TMI 1434

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....noring the ratio of Hon'ble Supreme Court judgments in the case of Escorts Ltd. vs Union of India (199 ITR 43) wherein Hon'ble Supreme Court has held that double deduction cannot be presumed if the same is not specifically provided by law, in addition to normal deduction." 2. During hearing of this appeal, the ld. DR, Shri Yogesh Kamat, defended the conclusion arrived at in the assessment order by advancing his arguments which are identical to the ground raised. On the other hand, Shri Rahul R. Sarda, ld. counsel for the assessee, defended the conclusion arrived at in the impugned order by claiming that the issue is covered by the decision of the Tribunal dated 16th June, 2015 (ITA No.5842/Mum/2011) in the case of ITO vs Kabibai & Hansra....

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....as already been claimed and allowing of set off of deficit of earlier year against income of current year will result in double deduction which is contrary to the ratio laid down by the Hon'ble Supreme Court in the case of Escorts Ltd vs. UOI 199 ITR 43 and J.K. Synthetics v/s. Union of India (1992) 65 TAXMAN 420. 4. The Appellant craves leave to amend or alter any ground or add a new ground which may be necessary." 2. During the course of hearing before us, Representatives of both the sides agreed that in the earlier years identical issue has been decided in favour of the assessee by the Tribunal. We find that the Hon'ble Bombay High Court had also decided the issue in favour of the assessee for the assessment year 20....

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....earned CIT(A) are in consonance with the view taken by the ITAT, and Hon'ble High Court (supra), we do not find any infirmity in the order passed by the learned CIT(A) and dismiss the appeal filed by the Revenue ." Respectfully, following the above, grounds of appeal raised by the Assessing Officer, are decided against him. As a result, appeal filed by the AO stand dismissed." If the observation made in the assessment order, leading to addition made to the total income, conclusion drawn in the impugned order, material available on record, the conclusion drawn in the order of the Tribunal and the assertions made by the ld. respective counsel, if kept in juxtaposition and analyzed, we note that the assessee is engaged in carry....