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TMI Blog2012 (2) TMI 533X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1961 stands concluded and decided against the Revenue vide decision dated 19th August, 2009 in Commissioner of Income Tax Vs. Spotking India Ltd. (2010) 324 ITR 283 (Del.). Learned counsel for the Revenue during the course of arguments had submitted that the CIT (Appeals) has recorded a finding that insurance claim was in respect of stock-in-trade. In case the insurance claim was in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the material/goods lost were raw material or unfinished goods. The tribunal in paragraph 4 of its order has specifically gone into the said aspect and referred to the query raised by the Assessing Officer and the written submission submitted by the assessee. We may note that the Assessing Officer had not held that the insurance claim was in respect of raw-material. Learned counsel for the Rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6/- Total ₹ 1,73,038/- It is apparent that the assessee while disallowing ₹ 1,73,038/- has included the indirect expenses. We may note that the Assessing Officer in the assessment order has not gone into the direct and indirect expenses or commented about the deduction made suo motu by the assessee. The Assessing Officer applied Rule 8D, which has been inserted with effect from 24t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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