https://www.taxtmi.com/caselaws?id=358630 The Tribunal allowed the appeal of the assessee, holding that the addition under Section 41(1) of the Income Tax Act was not justified. The Tribunal emphasized the importance of substantial evidence and proper examination before invoking Section 41(1) for discrepancies in sundry creditors' balances. The decision was based on legal precedents and concluded that there was no evidence of remission or cessation of liability by the creditor, warranting the deletion of the addition. en-us Fri, 13 Apr 2018 00:00:00 +0530 Mon, 16 Apr 2018 08:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358630 The Tribunal allowed the appeal of the assessee, holding that the addition under Section 41(1) of the Income Tax Act was not justified. The Tribunal emphasized the importance of substantial evidence and proper examination before invoking Section 41(1) for discrepancies in sundry creditors' balances. The decision was based on legal precedents and concluded that there was no evidence of remission or cessation of liability by the creditor, warranting the deletion of the addition. Case-Laws Income Tax Fri, 13 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358630