2010 (10) TMI 121

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..... ased - 207 of 2009 - - - Dated:- 5-10-2010 - Yatindra Singh, Rajes Kumar,JJ. 1. This appeal relates to the assessment year 2004-05, the Assessing Officer by his order dated 29.12.2006, apart from the others, added the liability to M/s Nekon Pharma Chemical of ₹ 11,58,000/- and liability to M/s SEICI, Italy, of ₹ 67,77,412/- as income of the respondent under Section 41 of the In .....

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..... financial year 2004-05 and relevant to the assessment year 2005-06 and the liability of M/s SEICI is still continuing. These findings were upheld by the Tribunal. There is no illegality in the findings. 6. Section 41 of the Act may apply in the assessment year in which the liability was created or is ceased, but would not apply for the present assessment year namely 2004-05 when the liability .....

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