https://www.taxtmi.com/caselaws?id=257873 The High Court upheld the Tribunal's decision to delete the addition of Rs. 31,82,258 under Section 41(1) of the Income Tax Act for the Assessment Year 2007-08. The Court found that there was no remission or cessation of liability during the relevant year as all sundry creditors were previously disclosed in the return for the preceding assessment year. Therefore, the Court dismissed the Tax Appeal, ruling that no substantial question of law arose in the case. en-us Wed, 11 Mar 2015 00:00:00 +0530 Wed, 25 Mar 2015 06:55:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257873 The High Court upheld the Tribunal's decision to delete the addition of Rs. 31,82,258 under Section 41(1) of the Income Tax Act for the Assessment Year 2007-08. The Court found that there was no remission or cessation of liability during the relevant year as all sundry creditors were previously disclosed in the return for the preceding assessment year. Therefore, the Court dismissed the Tax Appeal, ruling that no substantial question of law arose in the case. Case-Laws Income Tax Wed, 11 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257873