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TMI Blog2019 (3) TMI 683X X X X Extracts X X X X X X X X Extracts X X X X ..... ally record that said liability exists in books of assessee, and has not been written off unilaterally or by other party, which is evident from confirmation issued by M/s. Hero Motors Co. Ld.Sr.DR has not been able to bring on record any documents to establish that said sum has been treated by assessee either as trading liability, or that there has been remission or cessation of liability in order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appellant craves leave to add, alter or amend any ground of appeal raised above the time of hearing. Brief facts of the case are as under: 2. Assessee filed its return of income declaring nil on 30/09/11. The return was processed under section 143 (1) of the Act and was selected for scrutiny. Subsequently, notice under section 143 (2) was issued followed by notice under section 142 (1) al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .AO thus called upon assessee to prove as to why it is not a case of cessation of liability looking at its static nature from past several preceding assessment years. Assessee submitted that it is not a case of loss/expenditure or trading liability and there is no unilateral or bilateral act of remission or cessation of liability. However in the absence of any documentary evidences, Ld.AO made add ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s appearing as receivables in the books of M/s Hero Motors Ltd., and that assessee has never claimed the said amount as loss/expenditure/trading liability and therefore provisions of section 41 (1) and 41 (1) (a) of the Act would not be applicable. 8. We have perused submissions advanced by both sides in the light of the records placed before us. 9. Ld.CIT (A) categorically record that said ..... X X X X Extracts X X X X X X X X Extracts X X X X
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