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TMI Blog2013 (7) TMI 239X X X X Extracts X X X X X X X X Extracts X X X X ..... to higher authorities, the liability of sales tax remained intact - Following decision of Late C.S. Ramachary Vs. Commissioner of Income-tax [1991 (1) TMI 103 - MADRAS High Court] and Kedarnath Jute Mfg. Co. Ltd., V. Commissioner of Income Tax [1971 (8) TMI 10 - SUPREME Court] - Decided against the revenue. - Tax Case (Appeal) Nos.602 to 604 of 2005 - - - Dated:- 17-4-2012 - MRS. CHITRA VENKAT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the purpose of the wealth tax assessment of the assessee for the Assessment year 1992-93? 2. The question as to whether the note annexed to the balance sheet would form part of the notes to the balance sheet falls for consideration in these appeals. In the decision reported in [1992] 189 ITR 8 (Late C.S. Ramachary Vs. Commissioner of Income-tax) referring to Section 211 of the Companies Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssion "annexed" would indicate that what is annexed is intended to be an integral part of that to which it is annexed unlike in the case of the attaching of the report of the board of directors to the balance sheet. This court further pointed out that the expression "attached" would connote a mere enclosing of the directors' report to the balance sheet not forming part of the balance sheet by itse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th Jute Mfg. Co. Ltd., V. Commissioner of Income Tax (82 ITR 363) holding that even after the assessee had taken the sales tax demand in appeal to higher authorities, the liability of sales tax remained intact. Thus, the Tribunal agreed with the assessees and allowed their claim for deducting the sales tax liability as an accrued liability on valuation date for the purposes of working out the shar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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