https://www.taxtmi.com/caselaws?id=395991 The Tribunal allowed the assessee's appeal, ruling that the Assessing Officer failed to provide substantial evidence to establish the cessation of liability under Section 41(1) of the Income Tax Act. Additional evidence submitted by the assessee was admitted, supporting the genuineness of the trade payables from previous years. The Tribunal emphasized that the genuineness of liabilities should be assessed in the years they originated, not during the current assessment year. Consequently, the addition of Rs. 19,62,86,726/- as ceased liability was overturned, and the appeal favored the assessee. en-us Thu, 05 Mar 2020 00:00:00 +0530 Wed, 17 Jun 2020 11:13:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395991 The Tribunal allowed the assessee's appeal, ruling that the Assessing Officer failed to provide substantial evidence to establish the cessation of liability under Section 41(1) of the Income Tax Act. Additional evidence submitted by the assessee was admitted, supporting the genuineness of the trade payables from previous years. The Tribunal emphasized that the genuineness of liabilities should be assessed in the years they originated, not during the current assessment year. Consequently, the addition of Rs. 19,62,86,726/- as ceased liability was overturned, and the appeal favored the assessee. Case-Laws Income Tax Thu, 05 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395991