https://www.taxtmi.com/caselaws?id=120477 The tribunal allowed the appeal filed by the assessee, deleting the addition of Rs. 1,25,46,534 made by the AO and upheld by the CIT(A). The tribunal concluded that the addition could not be sustained under section 68 or section 41(1) of the Income-tax Act, as the liabilities were brought forward balances with no new credits during the year. The tribunal emphasized that the revenue failed to demonstrate that the liabilities had ceased to exist, referencing the SC decision in Sugauli Sugar Works (P.) Ltd. Thus, the appeal was decided in favor of the assessee. en-us Fri, 11 Jul 2008 00:00:00 +0530 Thu, 30 Nov 2023 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120477 The tribunal allowed the appeal filed by the assessee, deleting the addition of Rs. 1,25,46,534 made by the AO and upheld by the CIT(A). The tribunal concluded that the addition could not be sustained under section 68 or section 41(1) of the Income-tax Act, as the liabilities were brought forward balances with no new credits during the year. The tribunal emphasized that the revenue failed to demonstrate that the liabilities had ceased to exist, referencing the SC decision in Sugauli Sugar Works (P.) Ltd. Thus, the appeal was decided in favor of the assessee. Case-Laws Income Tax Fri, 11 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120477