9911796707
TMI Blog1982 (10) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... ax Appellate Tribunal, Indore Bench, Indore, has referred the following question of law for the opinion of this court: "Whether, on the facts and circumstances of the case, the Tribunal was right in holding that the assessee could not be allowed the amount of Rs. 20,390 as his revenue loss during the assessment year 1975-76 ? " The material facts giving rise to this reference as set out in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the books of the dissolved firm and taken over by Sagarmal. The assessee continued to show these amounts due against Sagarmal Fatehchand which were ultimately written off during the assessment year in question. The ITO held that this amount could not be allowed as a remission of bad debts or otherwise. According to him at the most it was a capital loss during the assessment year 1972-73 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thereon. Therefore, if at all, it was a loss of capital. The loss was also not covered by s. 45 of the Act for the purpose of being carried forward. The AAC, therefore, dismissed the appeal of the assessee. The further appeal by the assessee to the Appellate Tribunal was also dismissed. The Appellate Tribunal confirmed the finding recorded by the AAC. At the instance of the assessee, the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re of profits, and that, if at all, it was a capital loss. The finding recorded by the AAC has been confirmed by the Appellate Tribunal. On this finding the Tribunal was fully justified in holding that the assessee could not be allowed the said amount as his revenue loss during the assessment year 1975-76. The learned counsel for the assessee contended that the amount was written off as irreco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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