Sunil Kumar Yadav, Judicial Member. - These appeals are preferred by the assessee against the Order of the CIT(A) on various common grounds. We, however, for the sake of reference extract grounds in ITA No. 7098/Mum./2005.

"1.The Commissioner of Income Tax (Appeals)-XXXII, Mumbai [‘the CIT(A)’] erred in confirming the action of the Assistant Commissioner of Income Tax, Range 3 (3), Mumbai (‘the ACIT’) in making addition of Rs. 1,29,25,558 being premature repayment of sales tax loan by treating as income under section 41(1) of the Income-tax Act, 1961 (‘the Act’).

2.The CIT(A) erred in treating discounting of interest free loan as discounting of deferral sales tax liability and as such erred in upholding the action of the ACIT by treating as benefit obtained by the appellant by way of discounting under section 41(1) of the Act.

3.The appellant prays that it be held that sales tax deferral was in the form of a loan and as such was not a trading receipt liable to be taxed under section 41(1) of the Act.

4.Without prejudice to the above, the appellant prays that it be held that no benefit had accrued to it on account of remission in the sales tax deferral liability."

2. Though the asse