PRINCIPAL COMMISSIONER OF INCOME TAX 1 KOLKATA vs. M/S ITC LTD

Bench: The Learned Tribunal – One By The Assessee & The Other By The Revenue Which Have Been Disposed Of By A Common Order, Impugned In This Appeal. 2. The Revenue Has Raised The Following Substantial Questions Of Law For Consideration :

disallowance only on the ground that the advance was never credited to the profit and loss account and cannot be claimed as deduction upon write off. The CIT(A) held that the advances given were in the nature of trade advances and were not profitable. The learned Tribunal had agreed with the finding recorded by the CIT(A). Thus

PRINCIPAL COMMISSIONER OF INCOME TAX-5, KOLKATA vs. SHRI MAHENDRA KUMAR PERIWAL