https://www.taxtmi.com/caselaws?id=402436 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete additions under Section 14A of the Income Tax Act, 1961 and on account of undisclosed sources in the form of trade creditors. It was found that no exempt income was earned during the year, justifying the deletion under Section 14A, and the liabilities from trade creditors were deemed genuine, not constituting income under Section 41(1) due to the absence of irrevocable cessation of liability. The Revenue's appeal was dismissed, affirming the CIT(A)'s conclusions. en-us Wed, 30 Dec 2020 00:00:00 +0530 Fri, 01 Jan 2021 10:37:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402436 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision to delete additions under Section 14A of the Income Tax Act, 1961 and on account of undisclosed sources in the form of trade creditors. It was found that no exempt income was earned during the year, justifying the deletion under Section 14A, and the liabilities from trade creditors were deemed genuine, not constituting income under Section 41(1) due to the absence of irrevocable cessation of liability. The Revenue's appeal was dismissed, affirming the CIT(A)'s conclusions. Case-Laws Income Tax Wed, 30 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402436