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TMI Blog2019 (7) TMI 753X X X X Extracts X X X X X X X X Extracts X X X X ..... iled this Tax Appeal under section 260(A) of the Income Tax Act, 1961 (for short "the Act, 1961) challenging the legality and validity of the order passed by the Income Tax Appellate Tribunal, Surat in IT(SS)A No.216/Ahd/2017/SRT for A.Y.2007-08. 2.00. The revenue has proposed the following question of law in the memo of the appeal:- "Whether on the facts and in the circumstances of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal income of Rs. 2,18,71,343/-, after making addition of Rs. 2,15,11,460 on account of the Cessation of liability under section 41(1) of the Act. The Assessing Officer took the view that the assessee had not been able to produce sufficient supporting evidence to prove genuineness of the creditors and therefore, made addition of Rs. 2,15,11,460 under section 41(1) of the Act on account of Cessatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment against the liability and therefore, the finding of the Assessing Officer that the liability of the assessee had ceased to exist, was only an assumption. 3.03. Being aggrieved by the order passed by the Income Tax Appellate Tribunal, Surat dated 16/11/2018 in IT(SS)A No.216/Ahd/2017/SRT for A.Y.2007-08, the Revenue preferred this Tax Appeal under section 260(A) of the Act. 4.00. Heard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax-III, Pune Versus Sinhgad Technical Education Society, reported in [2017] 84 taxmann.com 290 (SC). In the said decision it has been held by the Apex Court that in absence of any incriminating material which was seized as per the provisions of section 153(C), notice under section 153(C) of the Act cannot sustain. 7.00. Under the circumstances, the impugned order passed by the tribunal i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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