Case Law Details
Case Name : The Commissioner of Income Tax-I, Mumbai Vs Somany Evergree Knits Ltd (Bombay High Court)
Related Assessment Year :
Courts :
All High Courts Bombay High Court
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Tribunal by the impugned order records a finding that in the profit and loss account filed along with the return of income, the respondent-assessee has clearly described the loss as the loss on sale of its garment unit assets. This loss was added to the net loss in the computation of the total income. Thus, there was complete disclosure. The Tribunal further records that the above loss was claimed by the respondent-assessee as a revenue expenditure as the Chartered Accountant did not advice them correctly as to the legal position. However, during the assessment
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Worth reading the judgement.
CA. Subhash Chandra Podder , FCA
Kolkata
03/04/2013