Deductions allowed in respect of only those expenses which are relevant to the accounting year for the purpose of computing profits
Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
Briefly stated the facts of the case are that assessee is engaged in the business of manufacturing of Thermoplastic material and Phenolic Moulding Powers etc. For the year under consideration, return of income was filed on 31.10.2004 declaring total loss at Rs. 3,60,71,000/-. The return was selected for scrutiny assessment accordingly statutory notices u/s. 143(2) and 142(1) were issued and served on the assessee.
Citation :
M/s. Tipco Industries Ltd., Rani Sati Marg, Malad (E), Mumbai-400 097 PAN-AAACT 1678E (Appellant) Vs. The ACIT, Cir 9(3), Mumbai (Respondent)
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CS Bijoy
Published in Income Tax
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