2003 (6) TMI 195

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....ts and in the circumstances of the case, the CIT(A) has erred in deleting the addition of Rs. 2,30,850 made on account of unconfirmed outstanding liabilities." 2. The AO noticed outstanding liability of Rs. 2,30,850 in the balance sheet in the name of M/s Everair Industrial Corporation and M/s Climate Tumer India. He found that these outstanding liabilities were more than three years old. He wa....

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....t the Supreme Court decision in the case of CIT vs. T.V. Sundaram Iyangar & Sons Ltd. relied upon by the AO was not applicable to the present case because in the cited case the assessee had unilaterally transferred unclaimed trade liability to the credit side of the P&L a/c. This was not so in the present case. 4. Aggrieved, the Revenue has come up in second appeal before this Tribunal. 5. W....

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....ercial Mills Co. Ltd. vs. Dy. CIT (2001) 73 TTJ (Ahd) 893. 7. We are of the view that in the interest of justice and for coming to fair and just conclusion in the case, the verification of the accounts was imperative. The AO had not brought any material on record to show that the aforesaid parties had given up their claim resulting into cessation of liabilities. He had given his finding and add....