Set off of disputed loss

Last updated: 20 March 2009

Court :
HIGH COURT OF PUNJAB AND HARYANA

Brief :
Where the assessee-company in spite of the fire which destroyed stock/goods belonging to it on 26-3-1978, did not accept the same as its own loss because the responsibility/liability of the destruction of the stocks/goods in the fire was that of the State owned Warehousing Corporation (PSWC) itself since the goods were lying with it, till the dismissal of the civil suit filed by the assessee against the PSWC on 31-5-1982, the loss must be accepted to have incurred during the assessment years 1983-84.

Citation :
New Diwan Oil Mills Ltd. v. CIT ITR No. 59 of 1991

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