https://www.taxtmi.com/caselaws?id=261869 The appeal against the order of CIT(A)-IV for AY 2007-08 regarding the addition of outstanding liability in books was allowed by ITAT. The ITAT held that since the liability was offered to tax in AY 2013-14, the addition for AY 2007-08 was not sustainable under Section 41(1) of the Act. Therefore, the ITAT directed the AO to delete the addition, allowing the sole ground of the assessee. The judgment emphasizes the importance of accurately reflecting liabilities in books and maintaining consistency in tax treatment across assessment years. en-us Wed, 22 Jul 2015 00:00:00 +0530 Sat, 25 Jul 2015 09:59:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=261869 The appeal against the order of CIT(A)-IV for AY 2007-08 regarding the addition of outstanding liability in books was allowed by ITAT. The ITAT held that since the liability was offered to tax in AY 2013-14, the addition for AY 2007-08 was not sustainable under Section 41(1) of the Act. Therefore, the ITAT directed the AO to delete the addition, allowing the sole ground of the assessee. The judgment emphasizes the importance of accurately reflecting liabilities in books and maintaining consistency in tax treatment across assessment years. Case-Laws Income Tax Wed, 22 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=261869