https://www.taxtmi.com/caselaws?id=338704 The Tribunal dismissed the Revenue's appeal, upholding the Commissioner's decisions on both issues. The deletion of the addition under Section 41(1) was justified as the liabilities had not ceased or been remitted, and the reduction of the Gross Profit rate was reasonable based on the previous year's figures. The Tribunal found no infirmity in the Commissioner's findings and ruled in favor of the assessee. en-us Wed, 16 Nov 2016 00:00:00 +0530 Thu, 09 Feb 2017 13:05:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338704 The Tribunal dismissed the Revenue's appeal, upholding the Commissioner's decisions on both issues. The deletion of the addition under Section 41(1) was justified as the liabilities had not ceased or been remitted, and the reduction of the Gross Profit rate was reasonable based on the previous year's figures. The Tribunal found no infirmity in the Commissioner's findings and ruled in favor of the assessee. Case-Laws Income Tax Wed, 16 Nov 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338704