https://www.taxtmi.com/caselaws?id=178025 The Appellate Tribunal ITAT MUMBAI overturned the CIT(A)'s decision to add outstanding liabilities of the assessee under section 41[1]. The Tribunal ruled in favor of the appellant, stating that as long as the liabilities were shown as outstanding and not written off, they could not be considered ceased. The Tribunal emphasized that the liabilities had not ceased to exist, leading to the deletion of the addition under section 41[1]. en-us Fri, 28 Jan 2011 00:00:00 +0530 Wed, 27 Jan 2016 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178025 The Appellate Tribunal ITAT MUMBAI overturned the CIT(A)'s decision to add outstanding liabilities of the assessee under section 41[1]. The Tribunal ruled in favor of the appellant, stating that as long as the liabilities were shown as outstanding and not written off, they could not be considered ceased. The Tribunal emphasized that the liabilities had not ceased to exist, leading to the deletion of the addition under section 41[1]. Case-Laws Income Tax Fri, 28 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178025