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TMI Blog2012 (3) TMI 683X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeals) [CIT(A)] erred in upholding the order of ld. Assessing Officer (A/O) disallowing the loss of ₹ 2557790/- in saree trading business. ALTERNATIVE BUT WITHOUT PREJUDICE TO GROUND NO.1 Alt.1(a) For that on the facts and in the circumstances of the case, the ld. CIT(A) erred in confirming non set off of current year s business loss remaining even after the disallowance of aforesaid loss of ₹ 2557790/-. Alt.1(b) For that on the facts and in the circumstances of the case, the ld. CIT(A) erred in confirming non set off of unabsorbed depreciation brought forward from earlier years while computing total income. 3. The brief facts of this issue are that the Assessing Officer while doing the scrutiny assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with them and all the payments have been made by cheque. The assessee has explained that they had entered into a contract with the seller to buy sarees at a fixed rate and had to keep on purchasing from him despite the fact that all the time he was selling the sarees at a loss. In my opinion this explanation of the assessee does not seem convincing. First of all it is seen that in the saree trading business contract is never made to buy certain sarees at fixed rate for such a long period spreading almost two years. In any type of business whenever there is contract for such a long period it is always in writing and there is always some guarantee or advance payment linked to such contract. But in the case of the assessee there was neither an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eiterated the submissions made by him before the revenue authorities and further pointed out that the AO has not disputed the transactions entered with M/s.Atishay Marketing Pvt. Ltd. The ld. Counsel for assessee relied on various decisions of the Tribunal. In supported of this he has filed copies of the orders of the Tribunal. Therefore he requested to set aside the orders of the revenue authorities and allow the appeal of assessee. 5. On the other hand the ld. DR appearing on behalf of the revenue relied on the orders of the revenue authorites. 6. After hearing the rival submissions and on careful perusal of materials available on record, keeping in view of the fact that the AO has not disputed the fact of entering into transactions ..... X X X X Extracts X X X X X X X X Extracts X X X X
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