https://www.taxtmi.com/caselaws?id=389425 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals)'s decision to delete the addition made under Section 68 of the Income Tax Act regarding unexplained creditors. The ITAT confirmed that the assessee had purchased shares from Parsoli Corporation Ltd., not Radharamana Holdings Pvt. Ltd., and dismissed the revenue's appeal. Additionally, the ITAT rejected the application of Section 41(1) for ceased liability as there was no evidence of remission or cessation of liability. en-us Fri, 15 Nov 2019 00:00:00 +0530 Sat, 07 Dec 2019 13:48:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389425 The Income Tax Appellate Tribunal (ITAT) upheld the Commissioner of Income Tax (Appeals)'s decision to delete the addition made under Section 68 of the Income Tax Act regarding unexplained creditors. The ITAT confirmed that the assessee had purchased shares from Parsoli Corporation Ltd., not Radharamana Holdings Pvt. Ltd., and dismissed the revenue's appeal. Additionally, the ITAT rejected the application of Section 41(1) for ceased liability as there was no evidence of remission or cessation of liability. Case-Laws Income Tax Fri, 15 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389425