TMI Blog2007 (10) TMI 252X X X X Extracts X X X X X X X X Extracts X X X X ..... other than aforesaid alteration in the profit and loss account which could lead to this inference about cessation or remission of the liability without any possibility of revival – amount not assessable u/s 41(1) - 29 of 1988 - - - Dated:- 24-10-2007 - SUSHIL HARKAULI and RAKESH SHARMA JJ. Shubham Agrawal for the assessee. A. N. Mahajan for the Commissioner. JUDGMENT We have he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bilities of Rs. 9,38,575 had ceased to exist in the assessment year under reference and there was no possibility of reviving them ?" 3. The detailed facts have been mentioned in the statement of the case. 4. The bare facts are that the amount of Rs. 9,38,575 was shifted in the profit and loss account of the assessee from the debit to the credit side. Upon this, the Assessing Officer treate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see's accounts does not necessarily mean that the liability has ceased in the eye of law. Similar view has been taken by the Supreme Court in CIT v. Sugauli Sugar Works P. Ltd. [1999] 236 ITR 518 (SC) ; [1999] 152 CTR 48 and by the Rajasthan High Court (DB) in CIT v. Eid Mohd. Nizammuddin [2007] 294 ITR 139 (Raj) ; [2007] 212 CTR 13 (Raj). No finding was recorded in any of the orders up to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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