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TMI Blog2013 (4) TMI 120X X X X Extracts X X X X X X X X Extracts X X X X ..... ted only on November 19, 2003 and the amount of Rs. 60,00,000/- having been debited by the Insurance Company directly to the finance company, the entire original cost of Rs. 1,24,88,980/- was reflected as closing stock as on March 31, 2003 and on receipt of ex gratia by the financiers, balance loss of Rs. 58,53,130/- was adjusted by the assessee against the waiver granted by the financier - we are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal, Ahmedabad Bench "A" ["the Tribunal"] in ITA No. 2759/Ahd/2007 for the Assessment Year 2003-04, thereby dismissing the appeal preferred by the Revenue. The only question raised by the Revenue in this Appeal is whether the Tribunal below was justified in deleting the addition of Rs. 66,35,770/-, being the insurance claim received by the assessee during the relevant period. There is no dis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s in the accounts even in the year ended March 31, 2004. In such circumstances, the Commissioner of Income Tax [Appeals], {"CIT [Appeals]" } was of the view that the assessee had not debited any claim and the treatment in the book was as if the fire accident never occurred. This, according to the CIT [Appeals] was revenue neutral and no adjustment was called for. In other words, according to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany, the entire original cost of Rs. 1,24,88,980/- was reflected as closing stock as on March 31, 2003 and on receipt of ex gratia by the financiers, balance loss of Rs. 58,53,130/- was adjusted by the assessee against the waiver granted by the financier. In such circumstances, we are of the opinion that the Tribunal below rightly approved the deletion of addition by the Assessing Officer. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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