Allowing the appeal of the assessee the Court held that , Tribunal held finding of CIT (A) was not proper but it did not render an independent finding; rather it was guided by finding rendered by it in its earlier order. Accordingly the matter was to be remanded back to Tribunal .
India Cements Capital & Finance Ltd. v. ACIT (2018) 254 Taxman 180 (Mad.)(HC)
S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Assets and liabilities were transferred to special purpose vehicle -Tribunal failed to give independent finding , accordingly the matter was remanded to Tribunal