9911796707
TMI Blog2016 (9) TMI 294X X X X Extracts X X X X X X X X Extracts X X X X ..... of academic nature having no tax effect either for the assessee or for the Revenue. The assessee, vide letter dated 16th August, 2016, has submitted in writing that the assessee company has not set off the above mentioned loss incurred in assessment year 2004-05 against any income of the assessee company in the subsequent years. Once no set off of loss determined in assessment year 2004-05 is claimed by the assessee in the subsequent year, and the time limit for carry forward or set off of loss has expired, in our opinion, the amount of loss determined does not have any tax effect so far as the assessee or the Revenue is concerned. We, therefore, hold that Revenue’s appeal has effectively nil tax effect. Therefore, the CBDT Circular No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in law in sustaining rejection of accounts maintained by the assessee. 2. That on the facts and in circumstances of the case CIT(A) erred in not admitting additional evidence furnished before him by the respondent. (Para 4 of CIT(A) order) 3. That on the facts and circumstances of the case CIT(A) erred in upholding the addition of ₹ 38,43,547/- as the 20% of ₹ 1,92,17,732/- (Ground no.2.2 before CIT(A) para 4). 4. That on the facts and circumstances of the case CIT(A) erred in upholding the addition of ₹ 54,09,879/- being 5% of labour charges of ₹ 10,8197,584/- (Para 6 of CIT(A) order). 4. At the time of hearing, we have noticed that as against the declared loss of ₹ 12.44 crores, the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in our opinion, the amount of loss determined does not have any tax effect so far as the assessee or the Revenue is concerned. We, therefore, hold that Revenue s appeal has effectively nil tax effect. Therefore, the CBDT Circular No. 21/2015 dated 10th December, 2015 is squarely applicable. Learned counsel for the assessee was also fair enough to say that the assessee s cross-objection should also be treated as of academic nature because the quantum of loss determined will have no consequence to the assessee also. In view of the above, we deem it proper to dismiss the Revenue s appeal as well as assessee s crossobjection being of academic nature only. 7. In the result, the appeal of the Revenue and the cross-objection of the assessee bot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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