https://www.taxtmi.com/caselaws?id=358512 The ITAT ruled in favor of the appellant in an appeal against the Commissioner of Income Tax (Appeals) order confirming the addition of Rs. 7,50,000 under section 41(1) for a loan taken. The ITAT found that the amount did not meet the criteria for being considered taxable under section 41(1) as there was no proof of cessation of the liability, and the liability was related to acquiring fixed assets, not trading activities. Therefore, the ITAT set aside the lower authorities' orders and allowed the appeal. en-us Mon, 05 Feb 2018 00:00:00 +0530 Fri, 13 Apr 2018 08:17:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358512 The ITAT ruled in favor of the appellant in an appeal against the Commissioner of Income Tax (Appeals) order confirming the addition of Rs. 7,50,000 under section 41(1) for a loan taken. The ITAT found that the amount did not meet the criteria for being considered taxable under section 41(1) as there was no proof of cessation of the liability, and the liability was related to acquiring fixed assets, not trading activities. Therefore, the ITAT set aside the lower authorities' orders and allowed the appeal. Case-Laws Income Tax Mon, 05 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358512