COMMISSIONER OF INCOME TAX Vs. UTTARANCHAL TRANSPORT

JUDGEMENT

(1.) THIS appeal arises out of an order passed by IT authorities for the asst. yr. (AY) 1986-87 in respect of M/s Uttaranchal Transport, Kanpur (the assessee) under IT Act, 1961 (the Act). The facts

(2.) THE assessee was formed in asst. yr. 1986-87 and succeed to transport business from other firm.

(3.) IN the beginning of the asst. yr. 1986-87, there was liability of Rs. 23,85,609. Out of this amount, liability of Rs. 6,18,894 was of asst. yr. 1985-86 and the rest was of the different assessment years prior to formation of the assessee.