2014 (5) TMI 581

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....e Revenue and it pertains to A.Y. 2004-05. 2. The following grounds were urged before us: - "1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) ought to have upheld the action of the Assessing Officer in taxing the remission/cessation of sales tax liability of Rs.32,59,000/- under section 41(1) of the Income Tax Act, 1961. 2. On the facts and in the circumstances of....

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....Sulzer India Ltd. and decided in favour of the assessee by observing as under: - "1.6 I have perused the facts of the case. The Special Bench of Mumbai Tribunal in the case of Sulzer India Ltd. vs. Jt. CIT - Range 8(3) (Appeal No. I.T.A. No. 2994/MUM/2007) dated November 10, 2010 had held that payment of net present value of the future liability cannot be classified as remission or cessation of t....