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2017 (5) TMI 726 - AT - Income TaxAddition u/s 41 - Held that:- Mere outstanding balances for many years would not justify the conclusion that there was cessation of liability u/s 41(1) of the Act. The appellant has also acknowledged the credits and shown them in the balance sheet. Thus we set aside the order of the ld.CIT(A) and direct the AO to delete the addition - Decided in favour of assessee Addition being advances received from the customers - amount held on behalf of principal and monies received from Kenyan Government u/s 28(iv) - Held that:- It is only if the benefit or the perquisite is not in cash or money but is non-monetary benefit or non-monetary perquisite that the question of including the value of such benefit or perquisite would ever arise. Under these circumstances the Tribunal was right in rejecting the contention urged on behalf of the revenue that the amount of ₹ 15,964 should be brought to tax as value of any benefit or perquisite within the meaning of section 28 (iv). The Tribunal doubted whether the amount of ₹ 15 964 was any benefit-" It may or may not be a benefit". Another question is whether the phrase "whether convertible into money or not" would normally mean something else than money. In our opinion, the conclusion of the Tribunal that section 28(iv) would not apply when the amount received is cash or is considered in terms of money, is correct, and the provisions of s 28 (iv) can never be made applicable to the facts of the present case, where excise refund was received by the assessee. - Decided in favour of assessee.
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