(Per : HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR BHATTACHARYA) This appeal is admitted on the following substantial questions of law:-
(A) Whether the Tribunal below committed substantial error of law in deleting addition of Rs. 12,85,72,428/- made by the Assessing Officer under Section 41(1) of the Act, being cessation of liability due to Rajesh Jhaveri Stock Brokers Private Limited, by ignoring the principle laid down by the Supreme Court in the case of Commissioner of Income Tax V. T.V. Sundaram Iyengar & Sons Limited - 1996 (222) ITR p.344.
(B) Whether the Tribunal below committed substantial error of law in deleting addition of Rs. 5,08,80,650/- made by the Assessing Officer under Section 41(1) of the Act, being cessation of liability due to Gautam N. Jhaveri, by ignoring the principle laid down by the Supreme Court in the case of Commissioner of Income Tax V. T.V. Sundaram Iyengar & Sons Limited - 1996 (222) ITR p.344.
(Bhaskar Bhattacharya, Actg. C.J.) (J.B.
Pardiwala, J.) */Mohandas Top