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2015 (7) TMI 16 - BOMBAY HIGH COURT

2015 (7) TMI 16 - BOMBAY HIGH COURT - TMI - Addition made under Section 41(1) - creditors outstanding for more than three years in the books of respondent-assessee - ITAT deleted the addition - Held 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, even unilaterally by the the respondent .....

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inst revenue. - ITA No. 1672/2013 - Dated:- 16-6-2015 - M. S. Sanklecha And N. M. Jamdar,JJ. For the Appellant : Mr Suresh Kumar For the Respondent : None ORDER P.C. This appeal by the revenue challenges the order dated 30 January 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). By the impugned order dated 30 January 2013, the appeal of the revenue from the order of the Commissioner of Income Tax (Appeals) was dismissed. 2. The appellant has formulated the following questions for .....

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elying on the decision of the Supreme court in the case of Commissioner of Income Tax v/s Kesaria Tea Company, reported in 254 ITR 434 in deciding the case? 3. During the course of the assessment proceedings for the subject assessment year, the Assessing Officer noticed that the sundry creditors to the extent of ₹ 97.01 lacs were reflected in the respondent-assessee's accounts. On verification, he found that dues of some of the creditors were outstanding for more than three years. Thus .....

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