https://www.taxtmi.com/caselaws?id=380476 The case involved the interpretation of Section 41(1) of the Income Tax Act, 1961, regarding remission or cessation of liability. The Assessing Officer's addition to taxable income based on unclaimed credit balances was deleted by the Appellate Authority and upheld by the ITAT due to the lack of evidence showing remission or cessation of liability. The High Court rejected the appellant's argument on admitting additional evidence, as no substantial question of law was found. Concerns about unclaimed credit balances without PAN numbers or creditor addresses were dismissed, emphasizing the necessity for proper verification before adding such amounts to taxable income. The appeal was ultimately dismissed. en-us Mon, 01 Apr 2019 00:00:00 +0530 Tue, 21 May 2019 16:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380476 The case involved the interpretation of Section 41(1) of the Income Tax Act, 1961, regarding remission or cessation of liability. The Assessing Officer's addition to taxable income based on unclaimed credit balances was deleted by the Appellate Authority and upheld by the ITAT due to the lack of evidence showing remission or cessation of liability. The High Court rejected the appellant's argument on admitting additional evidence, as no substantial question of law was found. Concerns about unclaimed credit balances without PAN numbers or creditor addresses were dismissed, emphasizing the necessity for proper verification before adding such amounts to taxable income. The appeal was ultimately dismissed. Case-Laws Income Tax Mon, 01 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380476