https://www.taxtmi.com/caselaws?id=235454 The appeal by the Revenue challenging the deletion of an addition of Rs. 21,31,002/- as a cessation of liability under Section 41(1) of the Income Tax Act for the assessment year 2008-09 was dismissed. The court held that the transfer of amounts within the partnership firm did not constitute a cessation of liability as the overall liability remained unchanged, and the existing partners were already personally liable before the transfer. The judgment emphasized the importance of distinguishing between a cessation of liability and a mere transfer of amounts, ultimately upholding the decision of the Ld. Commissioner in favor of the assessee. en-us Fri, 19 Jul 2013 00:00:00 +0530 Wed, 24 Jul 2013 08:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=235454 The appeal by the Revenue challenging the deletion of an addition of Rs. 21,31,002/- as a cessation of liability under Section 41(1) of the Income Tax Act for the assessment year 2008-09 was dismissed. The court held that the transfer of amounts within the partnership firm did not constitute a cessation of liability as the overall liability remained unchanged, and the existing partners were already personally liable before the transfer. The judgment emphasized the importance of distinguishing between a cessation of liability and a mere transfer of amounts, ultimately upholding the decision of the Ld. Commissioner in favor of the assessee. Case-Laws Income Tax Fri, 19 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=235454