Addition cannot be made merely on the facts that assesse had filed a petition to claim the same

Brief Facts of the Case and Question of Law Brief Facts The assessee faced winding up proceeding during which rehabilitation proposals were made. Subsequently, at the request of financial institutions who backed the rehabilitation plant, Hindustan Lever Ltd. (HLL) agreed to participate in the rehabilitation proposal and accordingly a scheme of compromise was drawn. In terms of this arrangement HLL had five nominees on the Board of Directors of the assessee; the promoter had one nominee and financial institutions had three nominees. HLL however decided not to continue with the operations of ...