2013 (7) TMI 239

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....ome Tax For respondent: Mr. C.V. Rajan JUDGMENT (Judgment of the Court was delivered by CHITRA VENKATARAMAN, J.)   Revenue is on appeals as against the order of the Income Tax Appellate Tribunal dated 16.6.2004 made in W.T.A. Nos. 227,228 & 230 (Mds)/1996 for the assessment year 1992-93 raising the following substantial question of law: "Whether on the facts and in circumstances o....

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....e in the prescribed form or as near thereto in accordance with the general instructions for the preparation of the balance sheet as provided under heading 'Notes' in Part I of Schedule VI of the Act. This court referred to Section 211(6) which provides that any reference to a balance sheet or profit and loss account shall include any notes or document thereon annexed to the balance-sheet or profit....

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....missioner of Income-tax(cited supra), the Tribunal rightly came to the conclusion that the notes annexed to the balance sheet would form part of the balance sheet. Thus the contingent liability shown therein would necessarily form part of the balance sheet. In the light of the above, as regards the question of contingent liability towards sales tax, the Tribunal agreed with the assessee that the c....