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TMI Blog2013 (9) TMI 890X X X X Extracts X X X X X X X X Extracts X X X X ..... made by T. S. Sivagnanam, J.) This Tax Case (Appeal) filed by the Revenue seeking admission is directed against the order of the Income Tax Appellate Tribunal dated 14.02.2013 relating to the assessment year 2006-07 raising the following questions of law :- "1. Whether on the facts and in the circumstances of the case the Tribunal was right in holding that the addition made on account of cessati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Officer to decide about the taxability of Rs.4,93,97,793/- in the light of Section 41(1) read with Section 28(iv) of the Act. The Assessing Officer noticed from the assessee's annual report that the company operations were suspended during May 2002 and the factory was taken over by IFCI for unpaid dues; who sold its equity shares of Rs.61,20,478/-, which were pledged by the share holders; ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Challenging the same, the Revenue preferred appeal before the Income Tax Appellate Tribunal. The Income Tax Appellate Tribunal, after considering the entire facts as well as the grounds raised before it, in paragraph 8, held that Rs.4.93 crores stand waived off in furtherance to One Time Settlement resulting in cessation of liability could not be treated as revenue receipt under Section 41(1) of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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