https://www.taxtmi.com/caselaws?id=357812 The Tribunal allowed the appeal of the assessee, deleting the addition made by the AO under section 41(1) of the IT Act. The Tribunal emphasized that the mere long-standing nature of liabilities does not imply cessation, and the AO failed to provide evidence of cessation or remission of liabilities. The Tribunal's decision was based on several precedents that support the view that liabilities shown in the books and not written off cannot be treated as income under section 41(1). en-us Tue, 20 Mar 2018 00:00:00 +0530 Fri, 30 Mar 2018 08:19:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357812 The Tribunal allowed the appeal of the assessee, deleting the addition made by the AO under section 41(1) of the IT Act. The Tribunal emphasized that the mere long-standing nature of liabilities does not imply cessation, and the AO failed to provide evidence of cessation or remission of liabilities. The Tribunal's decision was based on several precedents that support the view that liabilities shown in the books and not written off cannot be treated as income under section 41(1). Case-Laws Income Tax Tue, 20 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357812