https://www.taxtmi.com/caselaws?id=280850 The Tribunal upheld the Commissioner of Income Tax (Appeals) decisions on all four issues, dismissing the Revenue's appeal. The additions made under various sections of the Income Tax Act were deleted, emphasizing genuine claims, sufficiency of own funds, absence of exempt income, and the non-applicability of Section 41(1) without actual cessation of liabilities. Legal precedents from cases such as Reliance Utilities and Power Ltd., HDFC Bank Ltd., and judgments from the Gujarat High Court supported the assessee's position, leading to a favorable outcome. en-us Mon, 04 Mar 2019 00:00:00 +0530 Thu, 23 May 2019 06:34:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280850 The Tribunal upheld the Commissioner of Income Tax (Appeals) decisions on all four issues, dismissing the Revenue's appeal. The additions made under various sections of the Income Tax Act were deleted, emphasizing genuine claims, sufficiency of own funds, absence of exempt income, and the non-applicability of Section 41(1) without actual cessation of liabilities. Legal precedents from cases such as Reliance Utilities and Power Ltd., HDFC Bank Ltd., and judgments from the Gujarat High Court supported the assessee's position, leading to a favorable outcome. Case-Laws Income Tax Mon, 04 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280850