https://www.taxtmi.com/caselaws?id=194266 The ITAT dismissed the revenue's appeal, upholding the CIT(A)'s decisions on disallowance of bad debt u/s 36(1)(vii) and addition of deemed income u/s 41(1) of the IT Act. The tribunal affirmed that the debt written off was irrecoverable, allowing deduction under section 36(1)(vii), and ruled that as the liability was not settled, there was no cessation of liability under section 41(1). The ITAT confirmed that the assessee did not benefit from the alleged cessation of liability, thus ruling in favor of the assessee on both issues. en-us Fri, 01 Oct 2010 00:00:00 +0530 Sat, 02 Sep 2017 16:16:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194266 The ITAT dismissed the revenue's appeal, upholding the CIT(A)'s decisions on disallowance of bad debt u/s 36(1)(vii) and addition of deemed income u/s 41(1) of the IT Act. The tribunal affirmed that the debt written off was irrecoverable, allowing deduction under section 36(1)(vii), and ruled that as the liability was not settled, there was no cessation of liability under section 41(1). The ITAT confirmed that the assessee did not benefit from the alleged cessation of liability, thus ruling in favor of the assessee on both issues. Case-Laws Income Tax Fri, 01 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194266