https://www.taxtmi.com/caselaws?id=218266 The Appellate Tribunal ITAT Ahmedabad ruled in favor of the appellant, allowing the appeal against both issues raised. The Tribunal held that the addition of outstanding amounts under Section 41(1) of the Income Tax Act was not justified as there was no evidence to suggest the liabilities had ceased to exist. Additionally, the Tribunal deleted the addition of cash sales as unexplained cash credits under Section 68 of the Act, stating that the absence of names and addresses of buyers for cash sales could not be a basis for rejecting the book results. en-us Fri, 20 Jul 2012 00:00:00 +0530 Tue, 18 Sep 2012 16:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218266 The Appellate Tribunal ITAT Ahmedabad ruled in favor of the appellant, allowing the appeal against both issues raised. The Tribunal held that the addition of outstanding amounts under Section 41(1) of the Income Tax Act was not justified as there was no evidence to suggest the liabilities had ceased to exist. Additionally, the Tribunal deleted the addition of cash sales as unexplained cash credits under Section 68 of the Act, stating that the absence of names and addresses of buyers for cash sales could not be a basis for rejecting the book results. Case-Laws Income Tax Fri, 20 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218266