https://www.taxtmi.com/caselaws?id=248349 Outstanding trade creditors may attract section 41(1) if the liability has ceased or been remitted, but the existence of later-year payments and related account statements can require verification before that conclusion is reached. Here, the assessee had not furnished confirmations from the concerned creditors or explained the alleged dispute with supporting particulars, while later payment entries were produced to support the liabilities. The matter therefore could not be finally decided on the existing record and was restored to the Assessing Officer for fresh examination and findings. The first appellate deletion was not sustained, and the Revenue's appeal succeeded for statistical purposes. en-us Fri, 23 May 2014 00:00:00 +0530 Tue, 10 Jun 2014 08:52:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248349 Outstanding trade creditors may attract section 41(1) if the liability has ceased or been remitted, but the existence of later-year payments and related account statements can require verification before that conclusion is reached. Here, the assessee had not furnished confirmations from the concerned creditors or explained the alleged dispute with supporting particulars, while later payment entries were produced to support the liabilities. The matter therefore could not be finally decided on the existing record and was restored to the Assessing Officer for fresh examination and findings. The first appellate deletion was not sustained, and the Revenue's appeal succeeded for statistical purposes. Case-Laws Income Tax Fri, 23 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248349