2018 (9) TMI 2046

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....IT (D.R) Respondent By : Shri K.Y. Ningoji Rao, C.A. ORDER Shri Jason P Boaz, J. This Miscellaneous Petition (M.P.) by Revenue is raised in respect of Tribunal's Order in ITA No.1223/Bang/2017 dt.31.1.2018 for Assessment Year 2012-13. 2. In this petition, Revenue contends that in the impugned order the Tribunal has failed to adjudicate grounds of appeal No.4 & 5 and has erroneo....

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....ht of the decision of the Hon'ble Delhi High Court in the case of CIT Vs. Shri Vardhman Overseas Ltd. (343 ITR 408), wherein it was held that liabilities appearing in the Balance Sheet is tantamount to acknowledgement of the fact that there was neither cessation of remission of liability, we are of the considered opinion that the provisions of Sec.41(1) of the Act would not be attracted in the....

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....d CIT (Appeals) has held that these payments are live credits, whereas the business operations of the assessee company was ordered to close on 3.9.2003 by the State Govt. of Karnataka. 5. On facts of the case, the learned CIT (Appeals) ought to have appreciated that the assessee is not doing any business since 3.9.2003. Hence, the liability shown in the balance sheet cannot be advances re....