https://www.taxtmi.com/caselaws?id=287486 The Tribunal upheld the decisions of the Ld.CIT(A) in favor of the assessee on all three issues raised by the Revenue. The additions made by the Assessing Officer were deleted as the Tribunal found no defects in the audited books of accounts and accepted the explanations provided for the discrepancies in closing stock, inflated current liabilities, and cessation of liability under section 41(1) of the Income Tax Act. The Tribunal's decision was supported by legal precedents, leading to the dismissal of the Revenue's appeal. en-us Mon, 27 May 2019 00:00:00 +0530 Thu, 16 Apr 2020 11:18:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287486 The Tribunal upheld the decisions of the Ld.CIT(A) in favor of the assessee on all three issues raised by the Revenue. The additions made by the Assessing Officer were deleted as the Tribunal found no defects in the audited books of accounts and accepted the explanations provided for the discrepancies in closing stock, inflated current liabilities, and cessation of liability under section 41(1) of the Income Tax Act. The Tribunal's decision was supported by legal precedents, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 27 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287486