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TMI Blog2025 (2) TMI 572X X X X Extracts X X X X X X X X Extracts X X X X ..... fidavit and explained the reasons for delay in filing the appeal. The Ld. D.R did not raise any objection for this delay. On perusal of the affidavit filed by the assessee, the reason finds to be genuine and bonafide and not intentional. Therefore, we condone the delay and admit the appeal for hearing. 3. Brief facts of the case of the assessee is that the assessee filed its return of income declaring total income of Rs. 49,01,900/- for AY 2015-16. The case of the assessee was selected for limited scrutiny, notice u/s 143(2) was issued, subsequently notice u/s 142(1) read with Section 129 of the Act was issued. The case was heard and after that the AO has made following additions which are as follows: i) Addition u/s 41(1) of the Act Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... when the assessee acknowledged its liability successively over several years such as addition u/s 41(1) is baseless and no legs to stand alone. The Ld. Counsel further submits that the addition of Rs. 30,473/- as an undisclosed investment is completely baseless as during the year the assessee had purchased the demand draft of Rs. 3,04,473/- for registration of land at Hatiara and the property was got registration on 2nd July, 2015 i.e in the next financial year. The Ld. A.R further submits that it was accounted for under Fixed assets in that order itself. He has filed ledger and number of demand draft and details. 6. Contrary to that the Ld. DR supports the impugned order. 7. Upon hearing the submission of the ld. Counsel of the respecti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt in Commissioner of Income Tax vs. T.V. Sundram Iyengar and Sons Ltd (1996 (9) TMI 1 - Supreme Court) held that :- In the absence of the creditor, it is not possible for the authority to come to a conclusion that the debt is barred and has become unenforceable. There may be circumstances which may enable the creditor to come with a proceedings for enforcement of the debt even after expiry of the normal period of limitation as provided in the Limitation Act. - the views taken by the Tribunal are totally opposite the ones taken by the Supreme Court mentioned above and consequently are not tenable. The order of the tribunal below is thus, set aside and the AO is directed to delete the aforesaid amount involved from the income of the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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