https://www.taxtmi.com/caselaws?id=331032 The appellate tribunal ITAT Mumbai ruled in favor of the assessee, dismissing the revenue's appeal. The tribunal held that the addition under section 41(1) of the Income Tax Act was unnecessary as there was no waiver by the assessee or creditors, thus not falling under remission or cessation of liability. Additionally, the disallowance of expenses claimed by the assessee was allowed as they were deemed necessary for business activities, in line with section 37 of the Act. The tribunal upheld the CIT(A)'s decision on both issues, concluding in favor of the assessee against the revenue. en-us Wed, 22 Jun 2016 00:00:00 +0530 Thu, 11 Aug 2016 14:39:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331032 The appellate tribunal ITAT Mumbai ruled in favor of the assessee, dismissing the revenue's appeal. The tribunal held that the addition under section 41(1) of the Income Tax Act was unnecessary as there was no waiver by the assessee or creditors, thus not falling under remission or cessation of liability. Additionally, the disallowance of expenses claimed by the assessee was allowed as they were deemed necessary for business activities, in line with section 37 of the Act. The tribunal upheld the CIT(A)'s decision on both issues, concluding in favor of the assessee against the revenue. Case-Laws Income Tax Wed, 22 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331032