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TMI Blog2018 (5) TMI 1077X X X X Extracts X X X X X X X X Extracts X X X X ..... rt’s decision in Government of India, Department of Revenue vs. Appellate Authority for Industrial & Financial Reconstruction [2011 (9) TMI 1166 - DELHI HIGH COURT] considers all the CBDT’s circulars in this issue as issued from time to time and holds that deemed consent can very well be inferred in case no objection is received within the specified period of 60 days of the date of circulation of the “DRS” in question. We therefore conclude that both the learned lower authorities have erred in law as well as on facts in making the two additions u/s 41(1). The same are accordingly deleted. - Decided in favour of assessee. - ITA No. 1828/Kol/2014 - - - Dated:- 11-5-2018 - Shri S.S.Godara, Judicial Member And Dr. A.L. Saini, Accountant Memb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee raises two substantive grounds in its instant appeal challenging both the lower authorities identical action invoking u/s 41(1) qua its interest waived by National Textile Corporation and one pertaining to raw materials involving amount of ₹ 383,63,20,000/- and ₹ 29,68,63,000/-; respectively on the ground that the same represented cessation of the past liability in the impugned assessment year to be treated as income u/s. 41(1) of the Act. 4. This assessee is admittedly a Public Sector Undertaking being wholly owned subsidiary of National Textile Corporation Ltd which in turn is a government company through Government of India, Ministry of Textiles. It is a sick company as well as per the Sick Industrial Companies (Spec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t makes it clear that a deemed consent can very well be assumed in case no consent is received qua the DRS in question from the parties concerned. This is not the Revenue s case that it had not received a copy of the DRS in question as per the provision of SICA Act. Hon'ble Delhi High Court s decision in Civil Writ Petition No.7592 of 2009 Government of India, Department of Revenue vs. Appellate Authority for Industrial Financial Reconstruction considers all the CBDT s circulars in this issue as issued from time to time and holds that deemed consent can very well be inferred in case no objection is received within the specified period of 60 days of the date of circulation of the DRS in question. We therefore conclude that both t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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