2022 (6) TMI 459

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.... BHATTACHARYYA Ms. Smita Das De, Adv. ...for the appellant Ms. Swapna Das, Adv. Mr. Siddhartha Das, Adv. ...for the respondent ORDER The Court : This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the 'Act' for brevity) is directed against the order dated 18th December, 2009 passed by the Income Tax Appellate Tribunal, "C" Bench, Kolkata in ITA No.1193/Kol/....

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.... respondent/assessee submitting that there is absolutely no reason given for the inordinate delay. The Hon'ble Division Bench which heard the matter on earlier occasion had condoned the delay subject to payment of costs vide order dated 9th March, 2011. It is not in dispute that the cost has not been paid by the department. Nevertheless, we have heard the learned standing counsel for the appellant....

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....hat the letter is written by IWAI to IDBI. In this letter, IWAI has conveyed the sanction of payment of interest subsidy amounting to Rs.2,12,07,878/- to IDBI in respect of loan granted to M/s. Vidada Inland Waterways Ltd. i.e. the assessee. The C.I.T.(A) in his order has arrived at the finding that the subsidy was given by IWAI to IDBI and not the assessee. The correspondence between IDBI and IWA....

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....s already claimed as a deduction in the earlier years and, therefore, the C.I.T. (A) rightly held that the provision of Sec.41(1) would be applicable when there is actual remission or cessation of liability and which was during the accounting year relevant to assessment year 2002-03 and not in the year under consideration. In view of the above, we entirely agree with the order of the C.I.T.(A) on ....