Courier transshipment of imported goods via named carrier to air cargo stations renewed until 30.01.2026; exemption conditional, strict controls apply...
Insurer's investment gains and investment write-downs face Section 263 revision; enquiry upheld, Rule 5(b)(ii) lapse sustained, late corrigendum quash...
ITAT upheld the additions made by the AO and affirmed by CIT(A), dismissing the assessee's appeal. It held that the assessee's own ledger account showed reduction of the trade liability towards the creditor, evidencing cessation of liability, attracting s. 41(1). The assessee failed to produce any material to show that the creditor had not waived the debt or that the write-back was incorrect. ITAT also confirmed the addition for unexplained expenditure arising from the difference between purchases as per the stock register and the profit and loss account, noting absence of any satisfactory explanation. Consequently, the income assessed by AO, including cessation of liability, stood sustained.
ITAT upheld the additions made by the AO and affirmed by CIT(A), dismissing the assessee's appeal. It held that the assessee's own ledger account showed reduction of the trade liability towards the creditor, evidencing cessation of liability, attracting s. 41(1). The assessee failed to produce any material to show that the creditor had not waived the debt or that the write-back was incorrect. ITAT also confirmed the addition for unexplained expenditure arising from the difference between purchases as per the stock register and the profit and loss account, noting absence of any satisfactory explanation. Consequently, the income assessed by AO, including cessation of liability, stood sustained.
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