TMI Blog2014 (11) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... was not in a position to show that the amount was not debited on 30th SEPTEMBER from the account of the assessee – Decided against revenue. - INCOME TAX REFERENCE NO. 23 of 2003 With INCOME TAX REFERENCE NO. 24 of 2003 - - - Dated:- 16-10-2014 - MR. KS JHAVERI AND MR. K.J.THAKER, JJ. FOR THE APPELLANT : MR MR BHATT, LD. SENIOR COUNSEL WITH MRS MAUNA M BHATT, ADVOCATE FOR THE RESPONDE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... posited any amount in an account (hereafter int his section referred to as deposit account) maintained by him with the Development Bank before the expiry of six months from the end of the previous year or before furnishing the return of his income, whichever is earlier; or (b) utilised any amount during the previous year for the purchase of any new ship, new aircraft, new machinery or plant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accrued or arisen and that such liability must be one that has been ascertained and capable of being enforced by the person in whose favour the debit has been raised. 4. Learned Senior Counsel also pointed to the Scheme of the Act as also to Sub-Clause 4, i.e. Manner of Deposit which reads as under:- (3) Every subsequent deposit shall be made into the deposit Office at which the accoun ..... X X X X Extracts X X X X X X X X Extracts X X X X
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