9911796707
TMI Blog2023 (9) TMI 1635X X X X Extracts X X X X X X X X Extracts X X X X ..... brevity. 3. The representatives of both the sides were heard at length, the case records carefully perused. Documentary evidences brought on record carefully perused. 975/DEL/2023 [Assessee's appeal] 4. The solitary grievance of the assessee relates to the disallowance on account of deposit from customers. 5. At the very outset, the ld. counsel for the assessee stated that the assessee impugned quarrel was there in A.Y 2010-11 and this Tribunal has decided the quarrel in favour of the assessee and against the revenue. 6. The ld. DR could not bring any distinguishing decision in favour of the revenue. 7. We have carefully perused the orders of the authorities below. We find force in the contention of the ld. counsel for the assessee. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In our considered view, the cessation of liability can only occur either by operation of law or debtors unequivocally declaring his intention to not honour his liability when payment is demanded by the creditor. 40. For this proposition we draw support from the decision of the Hon'ble Supreme Court in the case of Sugauli Sugar Works [P] Ltd 102, taxmann 713 and the onus is on the revenue to bring on record tangible evidence to show that liability has ceased to exist, especially when it is continued to be shown in the books of accounts of the assessee. 41. Thus, considering from all possible angles, neither provisions of section 41(1) of the Act apply [Assessing Officer fails] nor provisions of section 41(2) and 43(6) of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ucts leads to inventory losses which was at Rs. 9,29,17,122/- in the year under consideration. 53. We find that the write off of inventory is based on actual loss and not on estimation. Therefore, in our considered view, the ld. CIT(A) was correct in allowing the same as business expenditure. Such action of the ld. CIT(A) cannot be faulted with. This ground is dismissed." 14. On finding parity of facts, respectfully following the findings of the co-ordinate bench [supra], we decline to interfere. 15. In the result, the appeal of the Revenue is dismissed. 16. To sum up, in the result the appeal of the assessee in ITA No. 975/DEL/2023 is allowed whereas the appeal of the Revenue in ITA No. 928/DEL/2023 is dismissed The order is pronou ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
