https://www.taxtmi.com/caselaws?id=282585 The Appellate Tribunal dismissed the Department's appeal and upheld the CIT(A)'s decision to delete the addition under section 41(1) of the Income Tax Act. The Tribunal found that there was no cessation of liability as the assessee had consistently acknowledged the liabilities in its balance sheets, and there was no new liability during the relevant year. The Tribunal concluded that the provisions of section 41(1) did not apply in this case, as there was no intention expressed by the assessee to not honor the liabilities. en-us Mon, 19 Jan 2015 00:00:00 +0530 Wed, 14 Aug 2019 06:53:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282585 The Appellate Tribunal dismissed the Department's appeal and upheld the CIT(A)'s decision to delete the addition under section 41(1) of the Income Tax Act. The Tribunal found that there was no cessation of liability as the assessee had consistently acknowledged the liabilities in its balance sheets, and there was no new liability during the relevant year. The Tribunal concluded that the provisions of section 41(1) did not apply in this case, as there was no intention expressed by the assessee to not honor the liabilities. Case-Laws Income Tax Mon, 19 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282585