ACIT, NEW DELHI vs. M/S. TIMEX WATCHES LTD., NEW DELHI
ITA 2769/DEL/2012[2004-05]Status: DisposedITAT Delhi21 Jun 2016AY 2004-05
Bench: Sh. N. K. Saini, Am & Ms. Suchitra Kamble, Jm Ita No. 2769/Del/2012 : Asstt. Year : 2004-05 Asstt. Commissioner Of Income Tax Vs M/S Timex Watches Ltd., Circle-16(1), 117, Ground Floor, World Trade New Delhi Centre, Babar Road, New Delhi-110001 (Appellant) (Respondent) Co No. 323/Del/2012 : Asstt. Year : 2004-05 M/S Timex Watches Ltd., Vs Asstt. Commissioner Of Income 117, Ground Floor, World Trade Tax, Circle-16(1), Centre, Babar Road, New Delhi New Delhi-110001 (Appellant) (Respondent) Pan No. Aaact0773C
For Appellant: Sh. K.M. Gupta, Adv. & Sh. Gautam Jain, CAFor Respondent: Sh. Hemant Gupta, Sr. DR
…Rs.8,25,000/- in regular course of business be allowed as a deduction u/s 37(1) of the Act and in the alternative, it was to be allowed as business loss u/s 28(i) of the Act. The reliance was placed on the following case laws: " Ramachandar Shivnarayan Vs CIT 111 ITR 268 (SC) " Badridas Daga Vs CIT 34 ITR 10 (SC) " Commonwealth Trust (India) Ltd. Vs CIT 242 ITR 593 (Ker) " Shitla Prasad Shyam Lal Vs CIT 96 CTR 150 (All) " Kamla Cotton Company Vs CIT 226 ITR 605 (All) " A. W. Figgis and Co. Pvt. Ltd. Vs CIT 254 ITR 63 (Cal) ITA Nos. 258 & 259/Del/2013 Timex Watches Ltd. 18. The ld. CIT(A) after considering the su…
