https://www.taxtmi.com/caselaws?id=376662 The Appellate Tribunal upheld the Ld. CIT (A)'s decision to delete the addition of Rs. 2,08,00,000 under section 41(1) for non-verification of sundry creditors. The Tribunal found that the liability existed in the Assessee's books and had not been unilaterally written off, supported by confirmation from M/s. Hero Motors Co. Despite the revenue's argument of remission or cessation of liability, the Assessee demonstrated the amount as receivables in M/s. Hero Motors Ltd.'s books, not claimed as a loss/expenditure/trading liability, rendering sections 41(1) and 41(1)(a) inapplicable. The appeal was dismissed. en-us Tue, 29 Jan 2019 00:00:00 +0530 Thu, 14 Mar 2019 09:23:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376662 The Appellate Tribunal upheld the Ld. CIT (A)'s decision to delete the addition of Rs. 2,08,00,000 under section 41(1) for non-verification of sundry creditors. The Tribunal found that the liability existed in the Assessee's books and had not been unilaterally written off, supported by confirmation from M/s. Hero Motors Co. Despite the revenue's argument of remission or cessation of liability, the Assessee demonstrated the amount as receivables in M/s. Hero Motors Ltd.'s books, not claimed as a loss/expenditure/trading liability, rendering sections 41(1) and 41(1)(a) inapplicable. The appeal was dismissed. Case-Laws Income Tax Tue, 29 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376662