TMI Blog2018 (1) TMI 1004X X X X Extracts X X X X X X X X Extracts X X X X ..... by decision of this Court in Commissioner of Income Tax Etc. v. Shri Ram Honda Powers Equipment Ltd. (2007 (1) TMI 86 - HIGH COURT, DELHI) and ACG Associated Capsules P. Ltd. v. The Commissioner of Income Tax, Central-IV Mumbai (2012 (2) TMI 101 - SUPREME COURT OF INDIA). The Assessing Officer will apply their ratio on applicability and effect of Explanation (baa) and compute deduction under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... khar, JJ. For the Petitioner : Mr. Puneet Rai, Adv For the Respondent : None ORDER Sanjiv Khanna, J. ( Oral ) This appeal by the Revenue pertains to the Assessment Year 1996-1997 and arises from the order of the ITAT dated 29.11.2004 passed in ITA No. 2074/Del/2000 in the case of M/s Banaras House Ltd. 2. By order dated 02.08.2005, the appeal was admitted and the following ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... question of law is covered by decision of this Court in Commissioner of Income Tax Etc. v. Shri Ram Honda Powers Equipment Ltd. (2007) 289 ITR 475 (Del) and the Supreme Court in ACG Associated Capsules P. Ltd. v. The Commissioner of Income Tax, Central-IV Mumbai (2012) 343 ITR (SC). The Assessing Officer will apply their ratio on applicability and effect of Explanation (baa) and compute deduction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to verify and rectify, if required. He observed that ₹ 8,32,130/- had not still not been paid. 8. Income Tax Appellate Tribunal on the said issue held that the assessee had carried forward the balances from earlier years. Some credit balances were written off in the year in question and some in succeeding years. Further, when a liability was acknowledged by the debtor, it cannot be said t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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