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TMI Blog2015 (8) TMI 1487X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT-Sr-DR ORDER Shri Mahavir Singh, JM: These two appeals by assessee are arising out of common order of CIT(A)- XXXII, Kolkata dated 01-10-2013. Assessments were framed by DCIT, Circle-50, Kolkata u/s147/143 r.w.s 254 of the Income-tax Act, 1961 (hereinafter referred to as "the Act") for Assessment Years 2000-01 and 2001-02 vide his orders dated 05.03.2013. 2. The only common issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5,658.20 2. Blue Star Engineering Co. 44,625.00 3. Bhowmick Engineering Co. 97,062.00 4. Chatterjee Engineering Co 71,423.00 5. Das Engineering 63,498.00 6. Eas Bee Enterprise 85,999.80 7. Gour Furniture 42,324.30 8. J.K.Tools 66,061.16 9. Kamala Engineering Works 66,933.40 10. Mitra Engineering Works 68,358.00 11. North Calcutta Engineering Works 52,704.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 41(1) of the Act can be invoked. From the perusal of Sec. 41(1) of the Act, we are of the view that the requirement of obtain a benefit can be said to have satisfied if the cash is actually received or adjustment entry is made. The provision of Sec. 41(1) comes into operation where the assessee has incurred a trading liability and trading liability has been allowed as a deduction in any earl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... redit and this is trading liability and once it is not seize to exist, or remitted, the mere non-existence of the parties cannot be added as an 'income' of the assessee. Accordingly, this appeal of assessee is allowed on merits. Similarly, issue in ITA No.2680/Kol/2013 for AY 2000-01, wherein only set off of sundry creditors to the extent of Rs. 9,78,152/- and carried forward from earlier year, as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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