Law:

Section:

Section 28(i) of the Income-tax Act, 1961 - Business loss/deduction - Allowable as - Assessment year 1993-94 - Assessee engaged in business of grinding of spices claimed a grinding loss in relevant assessment year - Assessing Officer considering loss to be excessive, reduced loss and made an addition to income - On appeal, Commissioner (Appeals) deleted addition to certain extent - Tribunal deleted addition in taking into consideration fact that loss claimed by assessee in preceding assessment years and succeeding assessment years was allowed by revenue - Whether on facts Tribunal was justified in holding that revenue should not have taken a different view insofar as assessment year in question was concerned - Held, yes CASE REFERRED TO Radhasoami Satsang v. CIT [1992] 193 ITR 321 / 60 Taxman 248 (SC) [Para 8]. Ms. Premlata Bansal for the Appellant. C.S. Aggarwal and Prakash Kumar for the Respondent. JUDGMENT D.K. Jain, J. - This appeal by the Revenue under section 260A of the Income-tax Act, 1961 ('the Act') is directed against order, dated 19 March, 2002, passed by the Income-tax Appellate Tribunal, Delhi Bench, New Delhi, in IT Apples Nos. 1518/Del./1997 & 2611/Del./1997, pertaining to the assessment year 1993-94. The following questions have been proposed as substantial questions of law:- "(a)Whether ITAT was correct in law in deleting the trading addition of Rs. 1,03,12,267.00 made by the Assessing Officer on account of sale of spices excessively claimed by the assessee as grinding loss? (b)Whether ITAT was correct in deleting the addition when the accounts maintained by the assessee did not reflect the true and correct profits? (c )Whether ITAT was correct in deleting the trading addition made by the Assessing Officer on the basis of independent enquiry even when the assessee did not maintain any stock register or daily processing register? (d)Whether order of ITAT was perversed in law and on facts when it did not consider the facts found by the Assessing Officer?" Briefly stated the background facts are as follows:- "The respondent-assessee is engaged in the business of grinding of various spices received from one M/s. M.D.H. Pvt. Ltd., a sister…

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