9911796707
TMI Blog2019 (7) TMI 753X X X X Extracts X X X X X X X X Extracts X X X X ..... f the creditors - HELD THAT:- The findings of fact recorded by the tribunal that no material was recovered during the search as per the provisions of section 153(C), which could have been treated as incriminating material and which have been made as a base for supporting the action of the department. Under the circumstances, the addition on account of Cessation of liability u/s 41(1) is illegal, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Appellate Tribunal, Surat in IT(SS)A No.216/Ahd/2017/SRT for A.Y.2007-08. 2.00. The revenue has proposed the following question of law in the memo of the appeal:- "Whether on the facts and in the circumstances of the case and in law, the learned ITAT was correct in deleting the addition made under section 41(1) of the Act?" 3.00. The assessee filed his return of income under section 13 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing Officer took the view that the assessee had not been able to produce sufficient supporting evidence to prove genuineness of the creditors and therefore, made addition of ₹ 2,15,11,460 under section 41(1) of the Act on account of Cessation of liability. 3.01. Being aggrieved by the assessment order under section 153A of the Act, the assessee preferred appeal before the Commissioner ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n assumption. 3.03. Being aggrieved by the order passed by the Income Tax Appellate Tribunal, Surat dated 16/11/2018 in IT(SS)A No.216/Ahd/2017/SRT for A.Y.2007-08, the Revenue preferred this Tax Appeal under section 260(A) of the Act. 4.00. Heard the learned counsel for the revenue and considered the orders passed by the Assessing Officer, Commissioner as well as the Tribunal. 5.00. Thus, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld by the Apex Court that in absence of any incriminating material which was seized as per the provisions of section 153(C), notice under section 153(C) of the Act cannot sustain. 7.00. Under the circumstances, the impugned order passed by the tribunal is just, legal and in accordance with law. No error or illegality has been committed by the tribunal in dismissing the appeal preferred by the re ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
