https://www.taxtmi.com/caselaws?id=390370 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s order. The addition made by the AO under Section 41(1) was deleted as there was no evidence of remission or cessation of liability, and the creditors had not foregone their debts. The Tribunal found that the liabilities towards the creditors still existed, and the CIT(A)'s decision was supported by relevant case law, including judgments of the Hon'ble Gujarat High Court. en-us Tue, 10 Dec 2019 00:00:00 +0530 Tue, 31 Dec 2019 14:41:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390370 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s order. The addition made by the AO under Section 41(1) was deleted as there was no evidence of remission or cessation of liability, and the creditors had not foregone their debts. The Tribunal found that the liabilities towards the creditors still existed, and the CIT(A)'s decision was supported by relevant case law, including judgments of the Hon'ble Gujarat High Court. Case-Laws Income Tax Tue, 10 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390370