https://www.taxtmi.com/caselaws?id=374111 The Court upheld the addition of ? 75 lakhs to the assessee's capital account as part of a business transaction rather than a gift. It affirmed the assessment under Section 41(1) of the Income Tax Act, clarifying that book adjustments did not absolve the liability. The alleged gift was treated as remission of trading liability limited to the actual credits outstanding. The burden of proof regarding the gift's nature was placed on the Revenue, which was found justified. The Court upheld the Tribunal's logical findings, remanding the matter for further verification of the liability. The appeal was allowed with costs to be borne by each party. en-us Wed, 16 Jan 2019 00:00:00 +0530 Fri, 25 Jan 2019 09:14:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374111 The Court upheld the addition of ? 75 lakhs to the assessee's capital account as part of a business transaction rather than a gift. It affirmed the assessment under Section 41(1) of the Income Tax Act, clarifying that book adjustments did not absolve the liability. The alleged gift was treated as remission of trading liability limited to the actual credits outstanding. The burden of proof regarding the gift's nature was placed on the Revenue, which was found justified. The Court upheld the Tribunal's logical findings, remanding the matter for further verification of the liability. The appeal was allowed with costs to be borne by each party. Case-Laws Income Tax Wed, 16 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374111