Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (2) TMI 697 - AT - Income TaxAddition - Under section 41/(1)/28(iv) - The assessee contention that the remission of the liability has not accrued entirely during the year under consideration but during the long span of time, therefore, the same cannot be taxed in the assessment year under consideration, find that the remission has been admitted by the assessee only in the year under consideration and not in the earlier years - The assessee was making the entries in the books of account right from the beginning but only in the year under consideration in which the issue arises and it was considered as cessation of liability due to afflux of time as well as the assessee has already accepted the non-existence of the trading liability - When the assessee by way of artificial entries showing the payments to creditor and corresponding entry for overdraft without coming out with clean hands then the stand taken by the assessee has no substance - Therefore, appeal of the assessee stands dismissed.
|