https://www.taxtmi.com/caselaws?id=377269 The Tribunal held that Section 41(1) of the Income Tax Act did not apply to advances against Bottles and Cases in the Bottling business due to the absence of write-offs in the books. The Tribunal found that the advances were linked to capital assets, not trading liabilities, and there was no cessation of liability. As the benefit was obtained in a different assessment year from when Section 41(1) was invoked, the additions made by the Assessing Officer and CIT(A) were overturned, and the appeal of the assessee was allowed. en-us Mon, 21 Jan 2019 00:00:00 +0530 Tue, 26 Mar 2019 16:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377269 The Tribunal held that Section 41(1) of the Income Tax Act did not apply to advances against Bottles and Cases in the Bottling business due to the absence of write-offs in the books. The Tribunal found that the advances were linked to capital assets, not trading liabilities, and there was no cessation of liability. As the benefit was obtained in a different assessment year from when Section 41(1) was invoked, the additions made by the Assessing Officer and CIT(A) were overturned, and the appeal of the assessee was allowed. Case-Laws Income Tax Mon, 21 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377269