https://www.taxtmi.com/caselaws?id=180700 The ITAT examined three income-tax disputes: alleged bogus purchases from the assessee's wife's concern, supervision fees paid to the assessee's brother, and deemed income under section 41(1) for cessation of liability. It upheld the purchase addition where the assessee failed to prove genuine procurement through contemporaneous evidence, reliable books, bills, or proof of receipt and consumption of goods. It deleted the disallowance of supervision fees because documentary material supported the services and the Revenue did not show the payment was excessive or without business purpose. It also deleted the section 41(1) addition, holding that an unreconciled or time-lagged creditor balance does not amount to remission or cessation without proof of real benefit in the relevant year. en-us Fri, 13 Aug 2010 00:00:00 +0530 Thu, 31 Mar 2016 16:19:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180700 The ITAT examined three income-tax disputes: alleged bogus purchases from the assessee's wife's concern, supervision fees paid to the assessee's brother, and deemed income under section 41(1) for cessation of liability. It upheld the purchase addition where the assessee failed to prove genuine procurement through contemporaneous evidence, reliable books, bills, or proof of receipt and consumption of goods. It deleted the disallowance of supervision fees because documentary material supported the services and the Revenue did not show the payment was excessive or without business purpose. It also deleted the section 41(1) addition, holding that an unreconciled or time-lagged creditor balance does not amount to remission or cessation without proof of real benefit in the relevant year. Case-Laws Income Tax Fri, 13 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180700