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2018 (5) TMI 1077 - AT - Income TaxAdditions of interest waiver by National Textile Corporation Ltd. and interest on raw material as chargeable to tax u/s 41(1) - cessation of liability in proceedings u/s 143(3) - Held that:- No merit in the instant argument as section 19(2) of the SICA Act makes it clear that a deemed consent can very well be assumed in case no consent is received qua the “DRS” in question from the parties concerned. This is not the Revenue’s case that it had not received a copy of the “DRS” in question as per the provision of SICA Act. Hon'ble Delhi High Court’s decision in Government of India, Department of Revenue vs. Appellate Authority for Industrial & Financial Reconstruction [2011 (9) TMI 1166 - DELHI HIGH COURT] considers all the CBDT’s circulars in this issue as issued from time to time and holds that deemed consent can very well be inferred in case no objection is received within the specified period of 60 days of the date of circulation of the “DRS” in question. We therefore conclude that both the learned lower authorities have erred in law as well as on facts in making the two additions u/s 41(1). The same are accordingly deleted. - Decided in favour of assessee.
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