Dy. CIT, Circle-1, Kolhapur Vs. Vasantrao Desai Ajara Shetkari Sahakari Sakhar Karkhana Limited

Parties Involved

Facts Summary

These two appeals were filed by the Revenue and the Assessee against the order of the Learned Commissioner of Income Tax (Appeals), NFAC, Delhi for Assessment Year 2016-17. The Revenue raised the ground that the Commissioner of Income Tax (Appeals) erred in holding that the sugarcane purchase price paid by the assessee was according to the price fixed by the State Government. The assessee, on the other hand, appealed against the disallowance of set-off of unabsorbed losses against positive income. The assessee had filed a return of income declaring a total income of Rs. 581/-. However, the Assessing Officer did not allow the benefit of set-off of brought forward loss.…

Legal Issues

• 1. Whether the Commissioner of Income Tax (Appeals) erred in holding that the sugarcane purchase price paid by the assessee was according to the price fixed by the State Government.
• 2. Whether the Assessing Officer erred in not granting the set-off of unabsorbed losses against the positive income determined.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

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