TMI Blog2015 (7) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... he respodnent-assessee's balance-sheet for the subject assessment year. The occasion to write back the amount of ₹ 64.27 lacs in this particular case, even unilaterally by the the respondent-assessee has not arisen. This is so as the amount of ₹ 64.27 lacs continues to be shown in its balance-sheet as a liability. Consequently, the occasion to invoke the Explanation1 to Section 41 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the following questions for our consideration: (1) Whether on facts and in circumstances of the case and in law the Tribunal was justified in deleting the addition made under Section 41(1) of the Income Tax Act, 1961 of ₹ 64,27,366/ representing creditors outstanding for more than three years in the books of respondent-assessee without appreciating the fact that the assessee was not able ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs outstanding for more than three years had ceased. The respondent-assessee's submission that the said amount of ₹ 64.27 lacs continued to be shown as its liability and therefore cannot be added back, was not accepted. 4. In appeal, the Commissioner of Income Tax (Appeals) held that, the respondent-assessee had in its balance-sheet acknowledged their liabilities to the extent of S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isions of Section 41 of the Act. Consequently, it is submitted that the proposed questions of law requires consideration. 7. We find that in the present facts, the amount of ₹ 64.27 lacs continues to be shown as the liability in the respodnent-assessee's balance-sheet for the subject assessment year. The occasion to write back the amount of ₹ 64.27 lacs in this particular case, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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