9911796707
TMI Blog2022 (2) TMI 871X X X X Extracts X X X X X X X X Extracts X X X X ..... ious liability of earlier years - HELD THAT:- CIT(A) has correctly allowed the appeal by directing the Ld. A.O. to reduce a sum of ₹ 34,07,60,000/-, as the Ld. A.O. has wrongly taken the figure of ₹ 1303,77,23,000/- instead of ₹ 1337,84,83,000/-. In view of above facts, we do not find any infirmity in the order of the Ld. CIT(A) and therefore the same is upheld by dismissing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as pointed out that the appeal is time barred by 318 days, however, in view of the decision of the Hon'ble Supreme Court in the case of Miscellaneous Application No. 665 of 2021 in SMW(C) No. 3 of 2020, the period of filing appeal during the COVID-19 pandemic is to be excluded for the purpose of counting the limitation period. In view of this, the appeal is treated as filed within the limitati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was returned in the return of income. The A.O., however, added the amount of cumulative provisions for various liabilities amounting to ₹ 13,37,84,83,000/- which was appearing under the head provisions under the head current liabilities in the balance sheet while framing the assessment. The matter was taken up in appeal before the First Appellate Authority and the Ld. CIT(A) allowed the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Thus the Ld. CIT(A) allowed the appeal of the assessee by directing the A.O. to reduce further ₹ 34,07,60,000 from the assessed income. 6. After hearing the rival submissions and perusing the materials on record including the appellate order, we observe that Ld. CIT(A) has correctly allowed the appeal by directing the Ld. A.O. to reduce a sum of ₹ 34,07,60,000/-, as the Ld. A.O. has ..... X X X X Extracts X X X X X X X X Extracts X X X X
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