https://www.taxtmi.com/caselaws?id=376446 The tribunal held that the Assessing Officer's decision to treat outstanding expenses as income under Section 41 of the Income Tax Act was incorrect. The tribunal emphasized the need to assess the genuineness of liabilities in the year they were created and the requirement for concrete evidence of benefit derived by the assessee for Section 41(1) to apply. The appeal was allowed, directing the AO to delete the disallowance under Section 41, with no order as to cost. en-us Fri, 01 Mar 2019 00:00:00 +0530 Fri, 08 Mar 2019 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376446 The tribunal held that the Assessing Officer's decision to treat outstanding expenses as income under Section 41 of the Income Tax Act was incorrect. The tribunal emphasized the need to assess the genuineness of liabilities in the year they were created and the requirement for concrete evidence of benefit derived by the assessee for Section 41(1) to apply. The appeal was allowed, directing the AO to delete the disallowance under Section 41, with no order as to cost. Case-Laws Income Tax Fri, 01 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376446