{"id":6518,"date":"2019-08-19T12:36:12","date_gmt":"2019-08-19T12:36:12","guid":{"rendered":"http:\/\/itatonline.org\/digest\/cit-v-ambo-agro-products-p-ltd-2018-257-taxman-156-cal-hc-editorial-slp-of-revenue-is-dismissed-cit-v-ambo-agro-products-p-ltd-2019-264-taxman-167-sc\/"},"modified":"2019-08-19T12:36:12","modified_gmt":"2019-08-19T12:36:12","slug":"cit-v-ambo-agro-products-p-ltd-2018-257-taxman-156-cal-hc-editorial-slp-of-revenue-is-dismissed-cit-v-ambo-agro-products-p-ltd-2019-264-taxman-167-sc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-ambo-agro-products-p-ltd-2018-257-taxman-156-cal-hc-editorial-slp-of-revenue-is-dismissed-cit-v-ambo-agro-products-p-ltd-2019-264-taxman-167-sc\/","title":{"rendered":"CIT  v. Ambo Agro Products (P.) Ltd. (2018) 257  Taxman 156 (Cal.) (HC)  Editorial : SLP of revenue is dismissed, CIT  v. Ambo Agro Products (P.) Ltd. (2019) 264 Taxman 167 (SC)"},"content":{"rendered":"<p>Assessee did not honour its commitment to take delivery against some purchase orders placed on foreign sellers consequent upon price of palm oil declining. Damages paid was claimed as business loss. AO held that the loss is speculative loss. Tribunal allowed\u00a0 the loss as business loss. Dismissing the appeal of the revenue High Court held that when a party in breach accepts claim for damages, what actually happens is disposal of a dispute and not any settlement of kind that is envisaged by word settled used in S 43(5). Accordingly up held that order of the Tribunal.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 28(i) : Business loss-Speculative transaction\u2013Damages\u2013Palm oil-Damages paid for not honouring commitments to take delivery  against some purchase orders placed on foreign sellers\u2013 Allowable as business loss \u2013 Not speculative loss. [S. 43(5)]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6518","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1H8","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=6518"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6518\/revisions"}],"predecessor-version":[{"id":6519,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/6518\/revisions\/6519"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=6518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=6518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=6518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}