https://www.taxtmi.com/caselaws?id=338854 The Court dismissed the appeal challenging the deletion of an addition made against 'advance against export' outstanding since 1997. The Tribunal's decision was upheld, emphasizing that as long as the liability is acknowledged, Section 41(1) cannot be applied. The Revenue's argument of the transaction not being genuine was rejected, especially after the respondent received permission to remit the advance amount. With the amount repatriated and no new legal aspects presented, the Court found no grounds to interfere with the Tribunal's consistent decision, leading to the dismissal of the appeal. en-us Tue, 24 Jan 2017 00:00:00 +0530 Sat, 11 Feb 2017 12:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338854 The Court dismissed the appeal challenging the deletion of an addition made against 'advance against export' outstanding since 1997. The Tribunal's decision was upheld, emphasizing that as long as the liability is acknowledged, Section 41(1) cannot be applied. The Revenue's argument of the transaction not being genuine was rejected, especially after the respondent received permission to remit the advance amount. With the amount repatriated and no new legal aspects presented, the Court found no grounds to interfere with the Tribunal's consistent decision, leading to the dismissal of the appeal. Case-Laws Income Tax Tue, 24 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338854