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TMI Blog2009 (3) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of the Supreme Court in the case of BHARAT EARTH MOVERS VS. CIT (2000 (8) TMI 4 - SUPREME Court) which is decided in favour of the assessee. Therefore, we are of the view that the Tribunal is correct in following the judgment of the Supreme Court and allowing the assessee’s appeal - 108 of 2009 - - - Dated:- 23-3-2009 - JUSTICE K. RAVIRAJA PANDIAN and JUSTICE P. P. S. JANARTHANA RAJA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arly mentioned in the Tax Audit Report and not an ascertained liability which was capable of being quantified with reasonable certainty?" 2. The assessee is engaged in manufacture and sale of Electric Rice cookers and Mixies. The relevant assessment year is 1998-1999 and the corresponding accounting year ended on 31.03.1998. The assessee had filed its return of income on 27.11.1998 returning to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ining the book profit under Section 115JA at Rs.88,36,818/- and thereby arriving the deemed income at 30% of the book profit at Rs.26,51,045/-. While completing the assessment, the assessing officer has allowed the relief claimed in respect of provision made for leave encashment of Rs.1.19 lakhs. The Commissioner of Income Tax, Chennai-III, set aside the order of the assessment under Section 263 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the appeal by relying on the decision of the Supreme Court in the case of BHARAT EARTH MOVERS VS. CIT reported in (2000) 245 ITR 428. He further submitted that the Tribunal erred in not observing that in the assessee's case, the liability in question was only contingent in nature and not the ascertained/determined liability. He further submitted that the Tribunal erred in not noticing that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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