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TMI Blog1984 (8) TMI 123X X X X Extracts X X X X X X X X Extracts X X X X ..... nufacture and sale of crockery stoneware. The relevant accounting year ended on30th June 1978. The assessee filed return showing net loss of Rs. 51,540 which the firm later revised to loss of Rs. 83,180. ITO determined the total income at Rs. 1,33,880. The main addition was of Rs. 1,92,944 in the trading account. The assessee had explained the gross loss of Rs. 67,944 on sales of Rs. 3,80,047 wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich was accepted by the ITO and, therefore, there was no justification for the ITO applying 25 per cent G.P. in the year under consideration. He further held that the ITO was not justified in rejecting the assessee's claim of loss on sale of claybody though it is true that two purchasers whose affidavits were filed by the assessee were not produced before the ITO and the 3rd purchaser who was prod ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yrs. 1981-82, to 1983-84 gross loss as shown was accepted which was Rs. 1,44 lakhs in asst. yr. 1981-82, Rs. 34,827 in asst. yr. 1982-83 and Rs. 92,246 in asst. yr. 1984-85 and the assessment for 1980-81 which was made ex parte had since been reopened and was pending assessment. Considering all these circumstances we do not see any reason to interfere with the order of CIT(A) which is accordingly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o 58,491 sq. ft. Out of total covered area of 72,766 sq. ft. and that all the tenants had independent power connections and trade licences in their names and all the plant and machinery installed by the tenants in their respective sheds was owned by them. In asst. yr. 1984-85, there were 15 tenants. Considering these circumstances, we uphold the order of CIT(A) that the rental income is assessable ..... X X X X Extracts X X X X X X X X Extracts X X X X
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