2015 (8) TMI 850

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ish Khosla, Advs. ORDER CM APPL 9725/2014(for condonation of delay in refiling the appeal) and ITA No. 245 of 2014 1. This appeal under Section 260A of the Income Tax Act, 1961 ('Act') is directed against an order dated 31st October 2012 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No. 2414/Del/2011 for the Assessment Year ('AY') 2005-06. 2. At th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Indeed there was no cessation of liability on account of the allotment of shares in favour of the creditors. It has rightly been held by the ITAT that the decision in CIT v. T.V. Sundram Iyengar & Sons 222 ITR 354 has no applicability to the facts of the present case. 4. Mr. Rohit Madan, learned counsel for the Appellant, drew the attention of the Court to the order of the Assessing Officer (&....