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Commissioner of Income Tax, Delhi-IV, New Delhi Versus Excel Fashion Pvt. Ltd.

2007 (5) TMI 647 - DELHI HIGH COURT

Dated:- 24-5-2007 - Madan B. Lokur And V. B. Gupta, JJ. JUDGEMENT V. B. Gupta, J. This appeal has been filed by the Revenue under Section 260 A of the Income Tax Act, 1961 (for short as 'Act') against the order dated 5th September, 2005 passe .....

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xport incentives which became irrecoverable during the year under consideration. The Tribunal also allowed the liability of ₹ 14,35,072/- payable to M/s. Old Village Industries Ltd. by inter alia holding that there was no good reason brought on .....

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tile system of accounting. However, the Assessee received a sum of ₹ 2,21,964/- only against such provision. The balance of ₹ 3,58,563/- not received by him was considered as irrecoverable and the same stood written off for the year under .....

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) of the Act. 5. Further, the Assessee had to recover a sum of ₹ 5,64,928/- from its associate concern M/s. Ovil. Since the Assessee had to execute certain export orders, it made a request to the said concern to give payment of ₹ 20 lakhs .....

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Pvt. Ltd. The Assessing Officer was not satisfied about the genuineness of the transaction and as such made the addition of ₹ 14,35,072/- by holding that the liability remained unproved. On appeal, the Commissioner of Income Tax (Appeal) delet .....

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