https://www.taxtmi.com/caselaws?id=287527 The ITAT dismissed the appeal, upholding the CIT(A)'s decision to delete the addition of Rs. 4,42,95,650. The cessation of liability was found not to constitute a revenue receipt and was deemed non-taxable under Sections 41(1) and 28(iv) of the Income Tax Act, 1961. The inconsistent treatment of similar transactions in previous assessment years by the AO was criticized. The judgment was pronounced on June 3, 2019. en-us Mon, 03 Jun 2019 00:00:00 +0530 Fri, 17 Apr 2020 11:58:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287527 The ITAT dismissed the appeal, upholding the CIT(A)'s decision to delete the addition of Rs. 4,42,95,650. The cessation of liability was found not to constitute a revenue receipt and was deemed non-taxable under Sections 41(1) and 28(iv) of the Income Tax Act, 1961. The inconsistent treatment of similar transactions in previous assessment years by the AO was criticized. The judgment was pronounced on June 3, 2019. Case-Laws Income Tax Mon, 03 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287527