2014 (5) TMI 969

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....vish Sood ORDER Ajay Kumar Mittal,J. CM No.19021 CII of 2013 1. The documents Annexures R.1 to R.8 are allowed to be taken on record. CM stands disposed of. ITA No.213 of 2009 2. This appeal has been preferred by the revenue under Section 260A of the Income Tax Act,1961 (in short, "the Act") against the order dated 8.10.2008, Annexure A.3 passed by the Income Tax Appellate Tribun....

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....se the Hon'ble ITAT has erred in law in holding that there has been no remission or cessation of liability when it is clear that the trade debts aggregating to Rs.29,66,953/- have remained unpaid for several years and have become unenforceable?" 3. Briefly, the facts necessary for adjudication of the controversy involved, as narrated in the appeal, may be noticed. The assessee derives incom....

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.... liability had been ceased or was no more existing. The explanation was rejected by the Assessing officer since the assessee failed to substantiate the genuineness of the existence of creditors. Vide order dated 28.2.2005, Annexure A.1, the Assessing Officer made an addition of Rs. 29,66,953/- by invoking the provisions of section 41(1) of the Act. Aggrieved by the order, the assessee went in appe....

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..... Notice of this application was issued to the revenue. Mr. Sethi has produced a communication dated 12.3.2014 received from the office of Assistant Commissioner of Income Tax, Central Circle I, Jalandhar wherein it has been stated as under:- "1. Yes, as per the records of this office, the appeal of the assessee is pending before the Hon'ble Punjab and Haryana High Court, Chandigarh. 2. ....