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| The Tax Publishers2019 TaxPub(DT) 6318 (SC) : (2019) 267 TAXMAN 0494 INCOME TAX ACT, 1961
Section 261 Section 263
Where the Department preferred SLP to appeal against the judgment of Bombay High Court in Pr. CIT v. Sumatichand Tolamal Gouti [ITA No. 1196 of 2016, dt. 28-1-2019] : 2019 TaxPub(DT) 3631 (Bom-HC), whereby the High Court held that in the present case, it was observed that Jain Munis do not advocate spread of religion through use of computers, source of electronic media is usually shunned, very small section of the community uses computer technology for religious purposes as plenty of printed literature is available in the market, therefore, it was on account of these reasons, assessee had incurred substantial loss arising out of reduction in the value of stock lying at the year end, further, since AO had carried out detailed enquiries and taken a plausible view, therefore, revision order was unjustified, the Supreme Court dismissed the SLP.
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Appeal (Supreme Court) - Special leave petition - Capital or revenue loss - Validity of revision order
Department preferred SLP to appeal against the judgment of Bombay High Court in Pr. CIT v. Sumatichand Tolamal Gouti [ITA No. 1196 of 2016, dt. 28-1-2019] : 2019 TaxPub(DT) 3631 (Bom-HC), whereby the High Court held that In the present case, it was observed that Jain Munis do not advocate spread of religion through use of computers, source of electronic media is usually shunned, very small section of the community uses computer technology for religious purposes as plenty of printed literature is available in the market, therefore, it was on account of these reasons, assessee had incurred substantial loss arising out of reduction in the value of stock lying at the year end, further since AO had carried out detailed enquiries and taken a plausible view, therefore, revision order was unjustified. Held: The Supreme Court dismissed the SLP.
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