https://www.taxtmi.com/caselaws?id=176646 The ITAT partially allowed the appeal, finding that the alleged sundry creditors were fictitious and not payable by the appellant. It clarified that the amount in question could not be taxed under Section 41(1) or Section 68 of the Income Tax Act, as there was no cessation of liability in the relevant assessment year and the credit to the creditors' accounts was made in earlier years. The ITAT dismissed the issue of penalty proceedings under Section 271(1)(c) of the Act. en-us Wed, 22 Apr 2015 00:00:00 +0530 Fri, 25 Dec 2015 12:34:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176646 The ITAT partially allowed the appeal, finding that the alleged sundry creditors were fictitious and not payable by the appellant. It clarified that the amount in question could not be taxed under Section 41(1) or Section 68 of the Income Tax Act, as there was no cessation of liability in the relevant assessment year and the credit to the creditors' accounts was made in earlier years. The ITAT dismissed the issue of penalty proceedings under Section 271(1)(c) of the Act. Case-Laws Income Tax Wed, 22 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176646