https://www.taxtmi.com/caselaws?id=397811 The ITAT upheld the CIT(A)'s decision in an appeal against an order invoking Sec. 41(1) of the Income Tax Act 1961 for the Assessment Year 2015-16. The deletion of an addition by the Assessing Officer regarding sundry creditors and advances was contested. The CIT(A) ruled in favor of the appellant, stating that Sec. 41(1) does not apply to doubting creditors' genuineness or treating trading liabilities as undisclosed income. The onus was on the AO to prove liability cessation, which was not demonstrated. The ITAT affirmed the decision, emphasizing the lack of benefit obtained by the assessee, leading to the dismissal of the Revenue's appeal. en-us Mon, 24 Aug 2020 00:00:00 +0530 Sat, 29 Aug 2020 19:36:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397811 The ITAT upheld the CIT(A)'s decision in an appeal against an order invoking Sec. 41(1) of the Income Tax Act 1961 for the Assessment Year 2015-16. The deletion of an addition by the Assessing Officer regarding sundry creditors and advances was contested. The CIT(A) ruled in favor of the appellant, stating that Sec. 41(1) does not apply to doubting creditors' genuineness or treating trading liabilities as undisclosed income. The onus was on the AO to prove liability cessation, which was not demonstrated. The ITAT affirmed the decision, emphasizing the lack of benefit obtained by the assessee, leading to the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 24 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397811