Case Law Details
Case Name : ACIT Vs Gopal Fabrics (ITAT Ahmedabad)
Appeal Number : ITA No.3338/Ahd/2010 and 463/Ahd/2013
Date of Judgement/Order : 29/11/2013
Related Assessment Year :
Courts :
All ITAT ITAT Ahmedabad
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CA Sandeep Kanoi
Issue – The only ground taken by revenue in this appeal relates to deleting the addition of Rs. 17,91,334/- on account of cessation of liability u/s. 41(1) of the Act.
Contention of the Assessing Officer – The AO while making this addition has observed as under:-
“4.1 For the year under consideration in the balance sheet an amount of Rs. 17,91,334/- is appearing as sundry creditors for Export commission under the head “Current Liability and Provisions”. The assessee was requested to clarify the said entry. In response to the assessee vide letter dated 3-11-2008 submitted as under :-
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