2018 (1) TMI 1004

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....) This appeal by the Revenue pertains to the Assessment Year 1996-1997 and arises from the order of the ITAT dated 29.11.2004 passed in ITA No. 2074/Del/2000 in the case of M/s Banaras House Ltd. 2. By order dated 02.08.2005, the appeal was admitted and the following substantial questions of law were framed:- 1) Whether on the facts and in the circumstances of the case the Tribunal ....

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.... Ltd. (2007) 289 ITR 475 (Del) and the Supreme Court in ACG Associated Capsules P. Ltd. v. The Commissioner of Income Tax, Central-IV Mumbai (2012) 343 ITR (SC). The Assessing Officer will apply their ratio on applicability and effect of Explanation (baa) and compute deduction under Section 80 HHC of the Act. 5. The first question of law is answered accordingly. 6. We now turn to the second ....

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....bunal on the said issue held that the assessee had carried forward the balances from earlier years. Some credit balances were written off in the year in question and some in succeeding years. Further, when a liability was acknowledged by the debtor, it cannot be said that the claim of the creditor was barred by limitation. In case of 16 creditors, the credit balance was returned or adjusted for th....