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Dy. CIT, Bharuch Circle, Bharuch Versus Narendrasingh C. Saini Prop. of Amrit Crange & Amrit Const.

2012 (11) TMI 1212 - ITAT AHMEDABAD

I.T.A. No. 1985/Ahd/2010 - Dated:- 23-11-2012 - Mukul Kr. Shrawat (Judicial Member) And Anil Chaturvedi (Accountant Member) For the Appellant : T. Sankar, Sr.D.R. For the Respondent : Urvashi Shodhan, A.R. ORDER Mukul Kr. Shrawat (Judicial Member) This is an appeal filed by the Revenue arising from the order of the ld.CIT(A)-VI, Baroda dated 10.03.2010 passed for A.Y. 2007-08 by raising following grounds:- 1. On the facts and in the circumstances of the case and in law, the Learned CIT(A) erred .....

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the assessee is a supplier of Hydro -Mobile Cranes and JCB. Out of the list of the creditors as per the balance-sheet of the assessee, it was noted by the AO that there were six sundry creditors appeared in the accounts. The assessee has informed that in respect of trading liability the names have appeared and carried over in the accounts. As per AO, the outstanding liability was appearing in the books as an outstanding liability for more than three years. In his opinion, the liability ceased t .....

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518 3.1. The ld.CIT(A) has reversed the action of the AO in the following manner:- 3.3. I have considered the submission of the ld. AR and facts of the case. It is true that the liabilities existed for more than three years. There is no finding by the Assessing Officer that in these cases there has been either remission of liability by the concerned creditors or there was nothing on record to show that the creditors had waived their right to receive the amounts. Merely because the liabilities c .....

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lly ceased to exist, it was unjustifiable on the part of the AO to assume on his own that the same have become barred by limitation being appearing in the books of accounts for more than three years. Rather, in the case of CIT vs. Silver Cotton Mills Company 125 Taxman 741(Guj.), the Hon ble Court has held that the liabilities if appearing in the books of accounts should subsist although it might not be enforceable on account of some provisions of law of limitation unless and until it was legall .....

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g the year under consideration, there was an increase in the Diesel Expenses comparing the last year. For the year under consideration, assessee has claimed Diesel Expenses at ₹ 58,12,421/- as against ₹ 34,26,083/- of the past. In this regard, assessee has furnished comparative figures and informed that there was price hike, hence there was increase in the Diesel Expenses . However, AO has disallowed 5% of the Diesel Expenses and added an amount of ₹ 2,90,621/- in the taxable i .....

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