https://www.taxtmi.com/caselaws?id=214638 The Appellate Tribunal upheld the order of the Learned CIT(Appeals) in the appeal against additions made under section 41(1) of the Income-tax Act, 1961 for the assessment year 2002-03. The Tribunal dismissed the revenue's appeal, stating that the liabilities had not ceased to exist as they were not written back in the books of account, aligning with legal precedents emphasizing the importance of writing off liabilities for the application of section 41(1). The judgment underscores the significance of proper accounting practices and documentation in determining the tax implications of liabilities. en-us Fri, 22 Jun 2012 00:00:00 +0530 Mon, 09 Jul 2012 16:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214638 The Appellate Tribunal upheld the order of the Learned CIT(Appeals) in the appeal against additions made under section 41(1) of the Income-tax Act, 1961 for the assessment year 2002-03. The Tribunal dismissed the revenue's appeal, stating that the liabilities had not ceased to exist as they were not written back in the books of account, aligning with legal precedents emphasizing the importance of writing off liabilities for the application of section 41(1). The judgment underscores the significance of proper accounting practices and documentation in determining the tax implications of liabilities. Case-Laws Income Tax Fri, 22 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214638