Unless there is positive act on part of creditor in current year providing benefit to assessee by way of remission, outstanding credit liability cannot be held to have been remitted in favour of assessee

IN THE ITAT AHMEDABAD BENCH ‘B’ Income-tax Officer, Ward 1(1), Surat v. Bhavesh Prints (P.) Ltd. BHAVNESH SAINI, JUDICIAL MEMBER AND D.C. AGRAWAL, ACCOUNTANT MEMBER IT APPEAL NO. 1302 (AHD.) OF 2010 [ASSESSMENT YEAR 2007-08] JUNE 17, 2011 ORDER D.C. Agrawal, Accountant Member. – This is an appeal filed by the revenue raising following ground :— (1) On the facts and in the circumstances of the case and in law, the ld. CIT(A)-I, Surat has erred in deleting addition of Rs. 18,09,757 out of the total addition made by the Assessing Officer of Rs. 56,42,593 on account of...