When the person from whom the amount was borrowed has written off the amount in his accounts, the liability ceased to exist. As there was cessation of liability, the same cannot be part of sundry creditors of the assessee.
The assessee filed its original return of income which was taken for scrutiny assessment and regular assessment order under section 143(3) of the Act was passed on 29-12-2011.
ITAT Ahmedabad held that reopening of assessment u/s. 147 on the issue which is already dealt in the original assessment void ab initio and bad in law since no new fresh material was pointed out at the time of reopening of assessment.
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In my view, having regard to the facts and circumstances, the statutory authority was bound to afford a personal hearing to the petitioner through video conferencing as mentioned above. The result of this infraction would be that the impugned orders will have to be set aside.
CESTAT Chennai held that when an importer has voluntarily accepted the enhanced value without any protest then he is precluded from challenging the same. Thus, order upheld to the extent of duty demand. Whereas, confiscation, fine and penalty set aside.
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Re-assessment was completed u/s 143(3) r.w.s 147 of the Act on 29.06.2019 and the deduction of Rs.24,48,040/- claimed u/s 80P in respect of interest income from The Sabarkantha District Cooperative Bank Ltd. was disallowed by the AO.
The application preferred by the petitioner for recall of the said order was also rejected by the Supreme Court vide order dated 25.10.2019. It is thereafter that petitioner-assessee preferred a review petition.
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