2003 (8) TMI 538 - ITAT KOLKATA

Extract:
.......standing the fact that the liability as such was not challenged originally is accepted in the light of the decision of the Hon'ble Supreme Court in the case of Carborandum & Company vs. CIT 1977 CTR (SC) 209 (1977) 108 ITR 335 (SC) at 339, 345 and the objection of the Revenue is, therefore, rejected. 4. In the result, the appeal is allowed.