https://www.taxtmi.com/caselaws?id=362273 The Tribunal upheld the Revenue's appeal, setting aside the CIT(A)'s decision and restoring the AO's addition of Rs. 72,49,188 as income under Section 41(1) of the Income Tax Act, 1961. It was determined that the liabilities shown in the balance sheet were not genuine, supporting the AO's stance on cessation of liability. The Tribunal found the AO's decision justified, emphasizing that the liabilities were not written off in the books of accounts, leading to the conclusion that the amount should be treated as taxable business income. en-us Tue, 19 Jun 2018 00:00:00 +0530 Fri, 22 Jun 2018 08:29:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362273 The Tribunal upheld the Revenue's appeal, setting aside the CIT(A)'s decision and restoring the AO's addition of Rs. 72,49,188 as income under Section 41(1) of the Income Tax Act, 1961. It was determined that the liabilities shown in the balance sheet were not genuine, supporting the AO's stance on cessation of liability. The Tribunal found the AO's decision justified, emphasizing that the liabilities were not written off in the books of accounts, leading to the conclusion that the amount should be treated as taxable business income. Case-Laws Income Tax Tue, 19 Jun 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362273