TMI Blog2022 (6) TMI 459X X X X Extracts X X X X X X X X Extracts X X X X ..... nt and claimed the expenditure thereof. When the subsidy is granted to IDBI by IWAI, it credited to the account of the assessee on 18/4/2001. When the amount is credited to the account of the assessee, it was the remission of the liability of the interest which was already claimed as a deduction in the earlier years and, therefore, the C.I.T. (A) rightly held that the provision of Sec.41(1) would be applicable when there is actual remission or cessation of liability and which was during the accounting year relevant to assessment year 2002-03 and not in the year under consideration. The matter is entirely factual and the tribunal while approving the factual finding recorded by the CIT(A) has also taken note of the facts and re-appreciated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ays in filing the appeal. An affidavit-in-opposition has been filed by the respondent/assessee submitting that there is absolutely no reason given for the inordinate delay. The Hon ble Division Bench which heard the matter on earlier occasion had condoned the delay subject to payment of costs vide order dated 9th March, 2011. It is not in dispute that the cost has not been paid by the department. Nevertheless, we have heard the learned standing counsel for the appellant on the merits of the matter as well as the learned counsel for the appearing for the respondent/assessee. We exercise the discretion and condone the delay so that the appeal can be disposed of. Accordingly, the application for condonation of delay (GA No.76/2011) is allowed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the subsidy is granted to IDBI by IWAI, it credited to the account of the assessee on 18/4/2001. When the amount is credited to the account of the assessee, it was the remission of the liability of the interest which was already claimed as a deduction in the earlier years and, therefore, the C.I.T. (A) rightly held that the provision of Sec.41(1) would be applicable when there is actual remission or cessation of liability and which was during the accounting year relevant to assessment year 2002-03 and not in the year under consideration. In view of the above, we entirely agree with the order of the C.I.T.(A) on this point as well. Accordingly, the Revenue s appeal as well as grounds no. 1 to 4 of the assessee s cross-objection are rejected. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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