Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights January 2024 Year 2024 This

Additions against loss claimed due to goods being ...

Case Laws     Income Tax

January 2, 2024

Additions against loss claimed due to goods being damaged/destroyed by fire - since the findings of fact have been returned by the Tribunal that what was destroyed in the fire were goods in which the respondent/assessee was trading, the loss suffered was a revenue loss and hence deductible. - HC

View Source

 


 

You may also like:

  1. The appellants, a customs warehousing station, faced a fire incident resulting in the loss of certain goods. The customs duty amount on the lost goods was paid by the...

  2. Claim of deduction due to loss of Cash in the fire in July 2010 - The entry relating to the loss of cash having been made in the books of account of the assessee only on...

  3. Additions towards loss on transactions of Future/option through National Stock Exchange - While filing the return, we note that the assessee has not claimed this loss...

  4. The appellant, a 100% Export Oriented Unit (EOU), imported goods and stored them in a licensed warehouse u/s 58 of the Customs Act, 1962. These goods were destroyed in a...

  5. Remission of duty - finished goods destroyed in the fire accident - inputs contained in the semi-finished goods destroyed in the fire accident - principles of natural...

  6. Rejection of remission of duty in respect of the goods lost in fire - once insurance company has granted the insurance claim for the principal amount of the goods...

  7. Addition u/s 41(1) - addition towards waiver of liability / expenditure claimed earlier - One of the essential requirements of Section 41(1) of the Act is that there...

  8. Remission of excise duty - fire incident - appellant has placed sufficient material on record to show that finished/semi-finished goods were destroyed in fire accident...

  9. Filing of revised return - denial of loss - Considering the revised return date as belated return, whereas original ITR was filed in time - the intimation under...

  10. Disallowance of goods lost due to fire - addition invoking section 29 - Moment the insurance Co determines the loss in terms of the insurance policy obtained by the...

  11. The case involves a dispute u/s Customs Act regarding remission of duty for goods lost in a fire in an SEZ. The tribunal held that loss of goods in fire does not...

  12. Claiming carry forward of loss at a higher level - Revised return - Since the assessee furnished the revised return within the stipulated period claiming loss at a...

  13. Remission of Duty - goods destroyed by fire in factory - Rule 21 - In the present case the entire case has been made out against the appellant for failure to get a...

  14. New claim of capital losses in the revised return - Return filed within the due date prescribed u/s 139(5) but subsequent to the due date prescribed u/s 139(1) -...

  15. Disallowance of setting off of the carried forward loss - return filed beyond the due date specified under subsection (1) of section 139 - It was argued that the delay...

 

Quick Updates:Latest Updates