2020 (1) TMI 1751

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....nhares, Standing Counsel for the Appellant. ORAL JUDGMENT : (Per M.S. SONAK, J.)   Heard Ms. Linhares for the Appellant. The Respondent, though served neither present, nor their Counsel is present.   2. This Appeal was admitted on the following substantial question of law :   "Under the facts and circumstances of the case, whether the ITAT is right in holding that ....

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....lued at Rs. 14,01,600/-;   (C) Upon considering the response of the Assessee, the Assessing Officer held that the laptops and the motherboards which have long shelf life cannot be considered as having become obsolete and, accordingly, disallowed the losses.   (D) The Assessee appealed to the Commissioner of Income-tax (Appeals) and this appeal was allowed. (E) ....

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.... order to make any legitimate claim for the losses. She submits that inasmuch as the decision in Heredilla Chemicals Ltd. (supra) of the jurisdictional High Court has not been considered by the ITAT, the impugned Judgment and Order warrants interference. 5. We have considered the contentions raised by Ms. Linhares, particularly in the context of the decision in Heredilla Chemicals Ltd. (supra).....

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....that the findings of fact recorded by the CIT (Appeals) and the ITAT concurrently, suffer from any perversity as such. The ruling in Heredilla Chemicals Ltd. (supra) turns on its own peculiar facts. In the said case, the issue related to a particular item of machinery i.e. PAN catalyst being rendered obsolete, was claimed merely by attempting to write off losses in its accounts in the previous yea....