TMI Blog2021 (6) TMI 151X X X X Extracts X X X X X X X X Extracts X X X X ..... al has not adverted to the submissions made on behalf of the assessee which is evident from the written submissions, a copy of which has been produced before us. The Tribunal has affirmed the findings of the Commissioner of Income Tax (Appeals) in a cryptic and cavalier manner. Therefore substantial question of law No.1 is answered in favour of the assessee. - I.T.A. NO.756 OF 2017 - - - Dated:- 26-5-2021 - HON BLE MR. JUSTICE ALOK ARADHE AND HON BLE MR. JUSTICE HEMANT CHANDANGOUDAR APPELLANT (BY SRI. T. SURYANARAYANA, ADV.,) RESPONDENTS (BY SRI. K.V. ARAVIND, ADV.,) JUDGMENT ALOK ARADHE J., Mr.T.Suryanarayana, learned counsel for the assessee. Mr.K.V.Aravind, learned counsel for the revenue. This appeal under Sect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lation computed based on reliable factors? d) Whether on facts and circumstances of the case the Hon'ble Tribunal was right in disallowing the deduction claimed in respect of transitional liability although such expenditure is incurred wholly and exclusively for the purpose of the business of the Appellant and hence should be an admissible expenditure under section 37(1) of the Act? 2. Facts leading to filing of this appeal briefly stated are that the appellant filed its return of income for the Assessment Year 2008-09 and declared the income of ₹ 4,46,01,43,740/-. The said return was selected for scrutiny and an order of assessment was passed by the Assessing Officer on 07.12.2010 by which taxable income was determined a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on afresh. 5. On the other hand, learned counsel for the revenue has submitted that the Commissioner of Income Tax (Appeals) has dealt with the submissions raised on behalf of the assessee elaborately and the Tribunal has affirmed the order passed by the Commissioner of Income Tax (Appeals). It is also urged by the learned counsel for the revenue that no interference is warranted with the order of the Tribunal in the facts and circumstances of the case. 6. We have considered the submissions made on both sides and have perused the record. The Tribunal is the final fact finding authority. It is trite law that the Tribunal, while deciding the appeal, has to advert to the submissions made by the parties and record the findings independent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to collective uncertainty at the level of the bank for the purpose of provisioning. 22. In view of these facts, it is seen that making the provision for transitional liability without uncertainty is not possible in respect of these expenses and, therefore, these transitional liabilities are rightly held as contingent liability. Hence, we find no reason to interfere with the order of the CIT(A) on these issues. 7. Thus, from perusal of the aforesaid provisions, it is apparent that the Tribunal has not adverted to the submissions made on behalf of the assessee which is evident from the written submissions, a copy of which has been produced before us. The Tribunal has affirmed the findings of the Commissioner of Income Tax (Appeals) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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