https://www.taxtmi.com/caselaws?id=335405 The Tribunal dismissed the assessee's appeal, upholding the addition of Rs. 99 lakhs as outstanding liabilities under section 41(1) of the Income Tax Act, 1961. The Tribunal found the liabilities to be bogus and not genuine, affirming the CIT(A)'s decision and the Assessing Officer's disallowance of the amount. The Tribunal determined that the assessee's claim of offering the amount for taxation in a subsequent year was an afterthought, ultimately concluding that the liabilities were not legitimate and constituted a false liability. en-us Fri, 25 Nov 2016 00:00:00 +0530 Thu, 01 Dec 2016 13:33:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335405 The Tribunal dismissed the assessee's appeal, upholding the addition of Rs. 99 lakhs as outstanding liabilities under section 41(1) of the Income Tax Act, 1961. The Tribunal found the liabilities to be bogus and not genuine, affirming the CIT(A)'s decision and the Assessing Officer's disallowance of the amount. The Tribunal determined that the assessee's claim of offering the amount for taxation in a subsequent year was an afterthought, ultimately concluding that the liabilities were not legitimate and constituted a false liability. Case-Laws Income Tax Fri, 25 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335405