https://www.taxtmi.com/caselaws?id=390782 The tribunal allowed both appeals filed by the assessee, reversing the orders of the authorities below. The addition under Section 68 and the penalty under Section 271(1)(c) were both deleted. The tribunal emphasized that the liabilities had not ceased to exist in the true sense, as they were transferred to the partner's account, who was liable for them in his personal capacity. The tribunal also noted that the provisions of Section 41(1) could not be invoked, as the liabilities were not trading liabilities and the genuineness of the loans was not established. en-us Thu, 21 Nov 2019 00:00:00 +0530 Sat, 11 Jan 2020 07:03:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390782 The tribunal allowed both appeals filed by the assessee, reversing the orders of the authorities below. The addition under Section 68 and the penalty under Section 271(1)(c) were both deleted. The tribunal emphasized that the liabilities had not ceased to exist in the true sense, as they were transferred to the partner's account, who was liable for them in his personal capacity. The tribunal also noted that the provisions of Section 41(1) could not be invoked, as the liabilities were not trading liabilities and the genuineness of the loans was not established. Case-Laws Income Tax Thu, 21 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390782