2009 (1) TMI 94

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..... e value during the accounting period in question, is justified - since loss was on capital account, authorities were justified in coming to the conclusion that the said loss was not an allowable loss - 987 of 2008 - - - Dated:- 19-1-2009 - D. A. MEHTA and ABHILASHA KUMARI, JJ. Mr. R. K. Patel for the Appellant. None for the respondent. ORDER D. A. MEHTA J. - The appellant has p .....

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..... s) and succeeded. However, in the appeal filed by revenue the Tribunal held that the Assessing Officer was justified in disallowing the loss as the loss was on capital account. 3. The learned advocate for the appellant strenuously urged that the Tribunal had committed an error in holding that the loss in question was on capital account because there was no closure of business. It was submitted .....

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..... not been disturbed either by the Assessing Officer or the Tribunal. The finding of the Assessing Officer is that there was no evidence for the drop in valuation to the extent of Rs.8,00,000/- within one accounting year. 5. As can be seen from the explanation tendered by the assessee the valuation of the stock had been falling over a period of time but it is only in the seventh year that the en .....

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