https://www.taxtmi.com/caselaws?id=287593 The Tribunal upheld the CIT(A)'s decision in favor of the individual assessee regarding the addition under Section 41 of the IT Act. The Tribunal considered the ongoing repayments and financial position of the assessee, concluding that the liability had not ceased as repayments were being made. The High Court supported this decision, emphasizing that the mere passage of three years without repayment does not automatically end the obligation to repay. The Court criticized the Assessing Officer for relying solely on the duration of non-repayment and found no error in the Tribunal's decision, ultimately dismissing the Income Tax Appeal. en-us Fri, 04 Jan 2019 00:00:00 +0530 Tue, 21 Apr 2020 12:24:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287593 The Tribunal upheld the CIT(A)'s decision in favor of the individual assessee regarding the addition under Section 41 of the IT Act. The Tribunal considered the ongoing repayments and financial position of the assessee, concluding that the liability had not ceased as repayments were being made. The High Court supported this decision, emphasizing that the mere passage of three years without repayment does not automatically end the obligation to repay. The Court criticized the Assessing Officer for relying solely on the duration of non-repayment and found no error in the Tribunal's decision, ultimately dismissing the Income Tax Appeal. Case-Laws Income Tax Fri, 04 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287593