NORTH ARCOT DISTRICT CO OPERATIVE SUPPLY AND MARKETING SOCIETY LIMITED Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) AT the instance of the assessee, the Tribunal referred the following common question of law, for the asst. yrs. 1974-75 and 1975-76, for the opinion of this Court under s. 256(2) of the IT Act, 1961, hereinafter referred to as the "Act" :

(2.) FOR the asst. yrs. 1974-75 and 1975-76, the relevant previous years ended on 30th June, 1973 and 30th June, 1974. The assessee is a co-operative marketing society. In computing the income, the ITO made the following additions : <FRM>JUDGEMENT_33_ITR230_1998Html1.htm</FRM>

(3.) IT is not necessary that the loss incurred and entered in the account books should necessarily be written off for the purpose of claiming the same as deduction.