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TMI Blog2019 (7) TMI 986X X X X Extracts X X X X X X X X Extracts X X X X ..... n hand. Appeal filed by the Revenue fails and the same is dismissed and the substantial questions of law are answered against the Revenue. - Tax Case Appeal No.285 of 2018 - - - Dated:- 11-6-2019 - Mr. Justice T.S. Sivagnanam And Mrs. Justice V. Bhavani Subbaroyan For the Appellant : Mrs.R.Hemalatha, Senior Standing Counsel For the Respondent : Mr.R.Venkatanarayanan, for M/s.Subbaraya Aiyar Padmanabhan Ramamani JUDGMENT (DELIVERED BY T.S.SIVAGNANAM, J.) This appeal, by the Revenue filed under Section 260A of the Income-tax Act, 1961 is directed against the order dated 31.10.2017 passed by the Income Tax Appellate Tribunal 'C&# ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT reported in 138 ITD 137. The said decision was challenged before the Hon'ble High Court of Bombay, which was dismissed by judgment dated 05.12.2014 reported in [2014] 369 ITR 717 (Bombay). The decision of the Hon'ble High Court of Bombay was affirmed by the Hon'ble Supreme Court in CIT vs. Balkrishna Industries Ltd., reported in [2017] 88 taxmann.com 273 (SC). The Hon'ble Supreme Court approved the said decision of the Bombay High Court wherein it was held as follows:- The argument of the revenue is not that the assessee having paid ₹ 3.37 crores has obtained for himself anything in terms of section 41(1), but the assessee is deemed to have received the sum of ₹ 4.14 crore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o remission or cessation of the assessee's liability assuming the same to be a trading one. Rather that obtains a payment to the State prematurely and in terms of the correct value of the debt due to it. There is no evidence to show that there has been any remission or cessation of the liability by the State Government. 5.While affirming the order passed by the High Court of Bombay, the Hon'ble Supreme Court in Balkrishna Industries Ltd. (supra) held that the approach of the High Court of Bombay is without any blemish, inasmuch as all the requirements of Section 41(1) of the Act could not be fulfilled in the case on hand. 6.In the light of the above, the appeal filed by the Revenue fails and t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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