Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (5) TMI 504 - AT - Income TaxDisallowance - The decision regarding this has to be arrived at from the material which is available on record or from such document as asked for. Ld. Commissioner of Income Tax (Appeals) further noted that before him the assessee has produced only the evidence which is zerox copy certified issued by the CA. The assessee was asked to establish the facts from the records and from the bank accounts, but the same was never produced - Here assessee has simply stated that the evidence called for in this regard is 10 years old - Hence, the same was not available - Do not find any infirmity or illegality in the order of the Ld. Commissioner of Income Tax (Appeals) and accordingly,uphold the same - Hence, the appeal filed by the assessee is dismissed. Disallowed - Deduction u/s 43B - Excise Duty - Business had already changed hands and when the business changes hand the assets as well as liabilities are transferred - Therefore, outstanding payment of excise duty was liability of the company known as TPIL, and, therefore, it should form a part of the capital loss/gain of the company to which it has been transferred - Accordingly,allow the deduction - Hence, decide the issue in favour of the Revenue.
|