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Addition of trading loss on sale of tools and dies unsustainable
Case Law Details
- Case Name
- G-Tekt India Pvt. Ltd. Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Delhi
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G-Tekt India Pvt. Ltd. Vs DCIT (ITAT Delhi)
ITAT Delhi held that addition on account of trading loss on sale of tools and dies unsustainable as the loss was incurred for sustainable and longer partnership and the same has given rise to generation of profits in subsequent years.
Facts- The assessee company is engaged in the business of manufacturing automotive parts and components. The case of the assessee was selected for scrutiny u/s. 143(3) of the Act. Accordingly, AO made an addition on account of trading loss on sale of tools and dies of Rs.22.99 crores.
CIT(A) sustained the addition. Bein...
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