https://www.taxtmi.com/caselaws?id=188142 The Tribunal partly allowed the assessee's appeal. The addition of Rs. 3,95,614/- under Section 41(1) was deleted as the liabilities were not considered to have ceased. However, the disallowance of commodities loss of Rs. 4,20,824/- was upheld due to lack of concrete evidence proving the genuineness of the claimed loss. The Tribunal stressed the importance of providing substantial evidence to support claims and correctly applying legal provisions in evaluating the cessation of liabilities. en-us Mon, 06 Jul 2015 00:00:00 +0530 Sat, 19 Nov 2016 11:57:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188142 The Tribunal partly allowed the assessee's appeal. The addition of Rs. 3,95,614/- under Section 41(1) was deleted as the liabilities were not considered to have ceased. However, the disallowance of commodities loss of Rs. 4,20,824/- was upheld due to lack of concrete evidence proving the genuineness of the claimed loss. The Tribunal stressed the importance of providing substantial evidence to support claims and correctly applying legal provisions in evaluating the cessation of liabilities. Case-Laws Income Tax Mon, 06 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188142