2015 (7) TMI 16

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....er dated 30 January 2013 passed by the Income Tax Appellate Tribunal (the Tribunal). By the impugned order dated 30 January 2013, the appeal of the revenue from the order of the Commissioner of Income Tax (Appeals) was dismissed. 2. The appellant has formulated the following questions for our consideration: (1) Whether on facts and in circumstances of the case and in law the Tribunal was justifi....

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....d that dues of some of the creditors were outstanding for more than three years. Thus, the Assessing Officer held that an amount of Rs. 64.27 lacs be added to the respondent-assessee's income under Section 41(1) of the Act being the creditors outstanding for more than three years had ceased. The respondent-assessee's submission that the said amount of Rs. 64.27 lacs continued to be shown a....

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....It was pointed out that Explanation1 to Section 41 was introduced with effect from 1 April 1997 which inter-alia provided that even a unilateral act by a party by way of remission or cessation of liability would be covered by provisions of Section 41 of the Act. Consequently, it is submitted that the proposed questions of law requires consideration. 7. We find that in the present facts, the amoun....