https://www.taxtmi.com/caselaws?id=284193 The appeal of the revenue was dismissed as the Tribunal upheld the CIT(A)'s decision to delete the addition made under section 41(1) of the Income-tax Act. The CIT(A) found that there was no evidence to prove the liabilities had ceased to exist, as the assessee continued to show them in the balance sheet. Relying on judicial precedents, including the Supreme Court's ruling in CIT vs Sugauli Sugar Works Pvt. Ltd., it was concluded that mere book entries did not warrant invoking section 41(1). The Tribunal affirmed that the liabilities remained outstanding, leading to the dismissal of the revenue's appeal. en-us Tue, 19 Mar 2013 00:00:00 +0530 Wed, 06 Nov 2019 18:00:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284193 The appeal of the revenue was dismissed as the Tribunal upheld the CIT(A)'s decision to delete the addition made under section 41(1) of the Income-tax Act. The CIT(A) found that there was no evidence to prove the liabilities had ceased to exist, as the assessee continued to show them in the balance sheet. Relying on judicial precedents, including the Supreme Court's ruling in CIT vs Sugauli Sugar Works Pvt. Ltd., it was concluded that mere book entries did not warrant invoking section 41(1). The Tribunal affirmed that the liabilities remained outstanding, leading to the dismissal of the revenue's appeal. Case-Laws Income Tax Tue, 19 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284193