2013 (9) TMI 1168

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....PANNU, AM This appeal by the Revenue is directed against an order of the Commissioner of Income Tax (Appeals)-II, Pune dated 26.04.2012 which, in turn, has arisen from an order dated 19.12.2011 passed by the Assessing Officer, under Section 143(3) read with Section 254 of the Income-tax Act, 1961 (in short "the Act"), pertaining to the assessment year 2004-05. 2. Although, the Revenue has prefe....

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....ate Exchequer after a certain prescribed period. Subsequently, the Government of Maharashtra announced a scheme whereby the future liability of payment of the deferred amount of sales tax was allowed to be repaid at a discounted price calculated at the net present value. The assessee had a total liability of ₹ 2,11,99,794/- and when it chose to avail the scheme floated by the Government of M....