2011 (1) TMI 1553

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....iwala ORDER Shri B. R. Mittal, The Department has filed this appeal for the assessment year 2005-06 against the order of ld. Commissioner of Income-tax (Appeals)-XX, Kolkata dated 14.07.2010 on the following ground :- "That in the facts and circumstances of the case and in law, the ld. CIT(A.) has erred in deleting the addition of ₹ 10,56,750/- made on account of cessation of liabil....

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....ion 41(1) of the Income Tax Act. 5. In the first appeal, the ld. Commissioner of Income-tax (Appeals) has deleted the said addition by observing that the said liability is brought forward from assessment year 2001-02 under the head "loans and advances". The assessee produced copies of Profit & Loss A/c., Balance-sheet pertaining to the assessment years 2001-02 to 2005-06 showing the existence of....

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.... longer exists, the action of the Assessing Officer to make the addition by invoking the provisions of section 41(1) are not attracted. 6. During the course of hearing, the ld. D.R. has not disputed the above findings of the ld. Commissioner of Income-tax (Appeals). There is no dispute to the fact that the said amount is shown under the head "loans and advances" since assessment year 2001-02 and....