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TMI Blog1994 (7) TMI 81X X X X Extracts X X X X X X X X Extracts X X X X ..... V. MANOHAR C. J.-The Department desires the following questions to be directed to be raised by the Tribunal and referred to us for determination: "1. Whether, on the facts and in the circumstances of the case, the assessee is entitled to claim deduction on the ocean loss of Rs. 4,46,92,480 in the assessment for the assessment year 1981-82 ? 2. Whether, on the facts and in the circumstances of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g crude oil. The relevant assessment years are 1981-82 and 1982-83. For the assessment year 1981-82, the assessee claimed ocean loss of Rs. 4,46,92,480 while for the assessment year 1982-83, the assessee claimed ocean loss of Rs. 1,04,24,414. Prior to the assessment years in question, in respect of crude oil which was transported for the refinery by the Shipping Corporation of India, ocean loss up ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il companies from freight payments to the Shipping Corporation of India and pool account adjustments made by oil companies for the period from January 1, 1978, to December 31, 1980, each individual voyage will be analysed by OCC/Refineries/SCI jointly for determining the ocean loss recoverable from the Shipping Corporation of India and adjustable by oil companies in pool accounts. The Department ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to take a view different from the view taken by the Tribunal, in view of the fact that the assessee follows the mercantile system of accounting. Hence no useful purpose will be served by directing the Tribunal to frame a statement of the case and refer questions Nos. 1 and 2 referred to above to us. The other two questions are based on findings of fact. In these circumstances, the original peti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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