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TMI Blog2019 (5) TMI 440X X X X Extracts X X X X X X X X Extracts X X X X ..... ax liability has been computed by the AO - appellant has not demonstrated that vehicle have been purchased out of loan, and the loan outstanding is more than the value of vehicle? - Since the appellant company has not been able to quantify the debt outstanding against the vehicle, plea of the assessee that the cash credit account has been used to purchase the said vehicle was, therefore, not accep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RI WASEEM AHMED, ACCOUNTANT MEMBER AND Ms. MADHUMITA ROY, JUDICIAL MEMBER For The Appellant : Shri Biren Shah, A.R. For The Respondent : Shri Vedanshu Tripathi, Sr. D.R. ORDER PER Ms. MADHUMITA ROY - JM: The instant appeal filed by the assessee is against the order dated 06.10.2017 passed by the Commissio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hargeable to tax amounting to ₹ 5,95,15,319/- and ultimately net wealth tax liability has been computed to the tune of ₹ 5,96,26,485/- by the Learned AO. In appeal, the same was confirmed by the Learned CIT(A). Hence, the appeal preferred by the assessee is before us. 3. At the time of hearing the Learned Advocate appearing for the assessee submitted before us that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urchased out of loan, and the loan outstanding is more than the value of vehicle. Since the appellant company has not been able to quantify the debt outstanding against the vehicle, plea of the assessee that the cash credit account has been used to purchase the said vehicle was, therefore, not accepted by the Learned CIT(A) and thus at the time of hearing, the Learned Counsel further prays for the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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