Therefore, the first question deserves to be answered in favour of the Assessee and against the Revenue. The Books of Accounts regularly maintained by the Assessee in the ordinary course of business have neither been rejected by the Assessing Authority in the present case nor have been otherwise disbelieved. It is settled law that when the language of the Act is plain and unambiguous, there is no scope of bringing any interpolation therein. The Appeal of the Assessee deserves to be allowed. Therefore, merely because the Assessee could not recover the whole or part of the said expenditure incurred in the course of business, particularly to comply with the guidelines laid down by SEBI and claim such unrecovered expenditure as deduction from its income, the same could not have been disallowed by the Authorities below. Under the circumstances, we set aside the order of the learned Commissioner of Income Tax (Appeals) and restore that of Assessing Officer on this issue.”. Updated: 11 Nov 2020, 08:09 AM IST Tanya Thomas. Last month, the high court, in its order on Ms Ranaut's petition challenging the BMC's action, had said it was a "malafide act" done to cause substantial loss to the actress. The same is, accordingly, allowed. On the other issue involved in the present case with regard to recovery of the expenditure like Postage, Courier Charges etc., from the clients of the Assessee Company, the total expenditure incurred by the Assessee during the year in question was more and recovery from the clients was less and thus, the net ‘Unrecovered’ amount to the extent of Rs.3,56,949/- was claimed as expenditure under the head “Recovery”. Loss on asset sale hits Hindalco’s profit 2 min read. The assessee did not produce any details regarding the expenditure incurred and amount recovered. J.C. Penney Shareholders Lose Bid to Delay Sale A Texas federal district court denied a motion by the ad hoc equity group in the J.C. Penney bankruptcy to delay the retailer’s sale. POUNDS LOST. 3. 3.2 Upon assessee’s appeal the learned Commissioner of Income Tax (Appeals) held that since ‘Recovery’ is an expenditure and Assessing Officer has not given his opinion as to whether it was genuine or not and if he has treated a part of the expenditure as genuine, the other part cannot be disallowed. The assessee contended that it was claiming losses u/s 41(2) of the Income Tax Act and that Section 50 is not applicable. Copyright © TaxGuru. However, the Assessing Officer held that, after introduction of block of asset concept for depreciation purpose, Section 41(2) will be applicable only to assets of an industrial undertaking engaged in generation, or generation and distribution of power. The treatment of such losses as Capital Gains either as Short Term Capital Gains or Long Term Capital Gains would depend upon the period for which assets are held by the Assessee. Voluntary Tax Audit u/s 44AB of Income Tax Act, 1961. Features to Help Get You Up and Running. Hence, the order of the learned Commissioner of Income Tax (Appeals) is set aside on this issue. So profit/loss on sale of fixed assets is taxable under the head capital gain. This Tax Case Appeal has been filed by M/s.Share Aids Private Limited, who was acting as Share Transfer Agents and Registrars, raising the following substantial questions of law from the order of the learned Tribunal dated 26.12.2008 for the Assessment Year 2001-2002 by which the Revenue’s Appeal was allowed by the learned Tribunal. dailymail.co.uk - Alistair Foster. This is mainly because, long term capital losses were not allowed to be set off or carried forward on sale of listed equity shares and equity MF units as the capital gains arising from these were tax exempt u/s 10(38). Part D of the said Chapter deals with Capital Gains and Sections 45 to 55A deals with ‘Capital Gains’. 6. Hence, the Assessing Officer did not accept the assessee’s plea that the loss should be allowed u/5 41(2).”. wellness". 4.5 stars from 9 shoppers. Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. We hereby do so. The Lose It app was created by Charles Teague and the company went international in 2015. 28565+ Properties for Sale in Navi Mumbai, Maharashtra on Housing.com. More about "Lose" and More Examples The word "lose" rhymes with snooze. Your email address will not be published. The provisions under Section 28 to 44DB of the Act are relating to ‘Computation of Profits and Gains of Business or Profession’. Sale lost their first game under new coach Paul Deacon with a defeat in Toulon in the Heineken Champions Cup. Setting Macronutrient Goals: How Many Macros do You Need? Yes No. You need to know how you’re doing before dinner. 41(1) Where an allowance or deduction has been made in the assessment for any year  in respect of loss,_ expenditure or trading liability incurred by the assessee (hereinafter referred to as the first-mentioned person) and subsequently during any previous year, (2) Where any building, machinery, plant or furniture,–, (b) in respect of which depreciation is claimed under clause (i) of subsection (1) of section 32; and any, exceeds the written down value, so much  of. Hire an Experienced Listing Agent It is important to hire a listing agent to help you squeeze every dime possible out of selling your home. The learned Tribunal also fell in error in disallowing the same. Join our newsletter to stay updated on Taxation and Corporate Law.