9911796707
TMI Blog2017 (9) TMI 586X X X X Extracts X X X X X X X X Extracts X X X X ..... ases to exist is to be offered for taxation in terms of Section 41(1) of the Income Tax Act, 1961? Held that:- What has weighed with the ITAT in confirming the order of the CIT (A) is that some of these very creditors were reflected during the AY 2007-08. The Revenue had failed before the ITAT in challenging the order of the CIT (A) deleting the additions made by the AO for the said AY 2007-08. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Revenue is whether the ITAT erred in confirming the order of Commissioner of Income Tax (Appeals) [ CIT(A) ] deleting the additions made by the Assessing Officer ( AO ) of ₹ 1,00,97,816/- on the ground that the Assessee cannot choose to postpone the year in which the amount in respect of a liability ceases to exist is to be offered for taxation in terms of Section 41(1) of the Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating to debit balances against credit balances and by that action, the AO had taxed the sundry creditors indirectly. 6. This Court is of the view that the impugned order of the ITAT cogently explains why the order of CIT (A) required to be confirmed. The view taken by the ITAT appears to be a plausible one. 7. No substantial question of law arises in the present case. The appeal is dismisse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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