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Assessee not entitled to set off of losses as forfeiture of licence fees was paid on cancellation of excise license and transfer of license was done by assessee prior to forfeiture Preetam Singh Luthra vs. Commissioner of Income Tax

SUPREME COURT OF INDIA
 

No.- Review Petition (Civil) No. 3653 of 2016 in Civil Appeal No. 7169 of 2016
 

Preetam Singh Luthra ....................................................................Appellant.
V
Commissioner of Income-Tax ........................................................Respondent
 

Ranjan Gogoi And Prafulla C. Pant, JJ.
 
Date :November 30, 2016
 

Business loss — Set off of loss — Assessee not entitled to set off of losses as forfeiture of licence fees was paid on cancellation of excise license and transfer of license was done by assessee prior to forfeiture — Preetam Singh Luthra vs. Commissioner of Income Tax.

JUDGMENT


1. Delay condoned.

2. Application for oral hearing is rejected.

3. This review petition has been filed against the order dated July 29, 2016 whereby the appeal was allowed.

4. We have perused the review petition as well as the grounds in support thereof. In our opinion, no case for review of order dated July 29, 2016 CIT v. Preetam Singh Luthra [2016] 386 ITR 408 (SC) is made out. Consequently, the review petition is dismissed.

 

[2016] 389 ITR 447 (SC),[2017] 291 CTR 595 (SC)

 
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