Fateh Chand Charitable Trust, Muzaffarnagar vs. Addl. CIT, Meerut
In the result, the Appeal of the assessee is dismissed
ITA 289/DEL/2012[2005-06]Status: DisposedITAT Delhi07 Jun 2017AY 2005-06
Bench: Shri H.S. Sidhu
For Appellant: Sh. K. Sampath, AdvFor Respondent: Sh. Anil Kr. Sharma, Sr. DR
Section 139(3)Section 142(1)Section 143(1)Section 143(3)Section 148Section 254
…Oil Co. Ltd. [1982] 133 ITR 204 (Cal), CIT v. Standard Motor Products of India Ltd. [1983]142 ITR 877 (Mad), CIT v. Rangnath Bangur [1984] 149 ITR 487 (Raj), State Bank of Hyderabad v. CIT [1988] 171 ITR 232 (AP) and CIT v. Indian Rare Earth Ltd. [1990] 181 ITR 22 (Born) [FB]. Keeping in view the above principles, we may now turn our attention to the question formulated by the High Court as noticed in the earlier part of the judgment. The Tribunal rightly found that the loss which the assessee wanted to be set off against the “escaped income" could not be allowed to be so set off because in the origin…