https://www.taxtmi.com/caselaws?id=207918 The High Court upheld the Tribunal's decision, ruling that the addition under Section 41(1) of the Income Tax Act was not justified without evidence of remission or cessation of liability. The Court emphasized the importance of proving the liability to creditors and dismissed the revenue's appeal. The judgment highlighted the necessity of creditor confirmation and material to support the claim of cessation of liability before invoking Section 41(1). en-us Fri, 23 Dec 2011 00:00:00 +0530 Thu, 29 Dec 2011 12:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207918 The High Court upheld the Tribunal's decision, ruling that the addition under Section 41(1) of the Income Tax Act was not justified without evidence of remission or cessation of liability. The Court emphasized the importance of proving the liability to creditors and dismissed the revenue's appeal. The judgment highlighted the necessity of creditor confirmation and material to support the claim of cessation of liability before invoking Section 41(1). Case-Laws Income Tax Fri, 23 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207918