THE COMMISSIONER OF INCOME TAX DELHI-II ..... Appellant versus
JAIN EXPORTS PVT. LTD. .... Respondent
Advocates who appeared in this case:
For the Appellant : Mr Sanjeev Sabharwal, Advocate For the Respondent : None.
CORAM:-
HON'BLE MR JUSTICE BADAR DURREZ AHMED
HON'BLE MR JUSTICE VIBHU BAKHRU
JUDGMENT
VIBHU BAKHRU, J
1. This appeal is filed, on behalf of the revenue under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as "the Act"), challenging the order dated 30.03.2012 passed by Income Tax Appellate Tribunal, setting aside the addition of sum of ` 1,53,48,850/- made by the Assessing Officer on account of purported cessation of liability.
2. The assessee is a company incorporated under the Companies Act, 1956. The assessee company was engaged in the business of trading in agricultural commodities, however, the assessee did not conduct any business in the year 2007-2008 relevant to the assessment year 2008-2009. The assessee filed its
ITA No.235/2013 Page 1 of 13 return of income, on 25.09.2008, for the assessment year 2008-2009 showing a loss and declaring taxable income as nil. The return was initially accepted under Section 143(1) of the Act, however, subsequently, the return was selected for scrutiny. The Assessing Officer examined the balance sheet of the a