- (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. The accounting period for the assessee was from July to end of June next year. It was closed on 8th March, 1986 and as such the accounting period for the asst. yr. 1986-87 was treated to be from 1st July, 1984 to 8th March, 1986.
(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.;