Law: Income Tax Act, 1922

Section: 22,22A,30,31

[Income Tax Act, 1922 (XI of 1922)].........Sections 22A, 30, 31-Appeal to Appellate Assistant Commissioner-Admitted liability paid before the date of hearing-Appeal entertained and decided on merit-Delay in filing appeal, if any, whether impliedly condoned- Held yes. Cases referred to:- (1961) 4 Taxation 51; (1964) 9 Taxation 13 (Trib) and I.T.A. No. of 1974-75, decided on 3-12-1977 (unreported). Income Tax Act, 1922 (XI of 1922)-Section 10(2)(xvi)-Business expenditure-Ginning and crushing business-Ginning operation expenses fixed by Appellate Assistant Commissioner at Rs. 34 per bale as against Rs. 36.89 per bale claimed by assessee and Rs. 30 per bale reduced by assessing officer-Failure of department to produce evidence in support of the reduction Conzp1fable cases cited by assessee not actually parallel-Expenses as fixed by Appellate Assistant Commissioner .whether justified-Held yes. C. Income Tax Act, 1922 (XI of 1922)-Section 21(I)-explanation --Loss-Speculation loss-Hedging loss-Transactions resulting in loss settled without delivery-Whether par-take of the nature of speculation loss and not of hedging loss-Held yes. D. Income Tax Act, 1922 (XI of 1922)-Section 10(2)(v)-Current repairs-Ginning and crushing business-Stock register and consumption records not maintained-Claim of repairs fixed by Appellate Assistant Commissioner on the basis of past records-- Whether justified-Held yes. E. Income Tax Act, 1922 (XI of 1922)-Section 10(2)(xvi)-Business expenditure-Ginning and crushing business-Lungar account Expenses meant far beoparies not inclusive of any personal element-Whether allowable in toto--Held yes. F. Income Tax Act, 1922 (XI of 1922)-Section 10(2)(xi)-Bad debt-Remissions being petty no legal- action taken for recovery- Whether allowable as trade debt-Held yes (Page 55)F. G. Income Tax Act, 1922 (XI of 1922)-Section 10(2)(xvi)-Business expenditure-Ginning and crushing business-Purchase of kapas from Zamindars at higher rate than from commission agents-Purchase verifiable-Whether allowable-Held yes. H. Income Tax Act, 1922 (XI of 1922)-Section 23-Assessment- Additions to declared version-Ginning and crushing business- Addition made by assessing…

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