https://www.taxtmi.com/caselaws?id=410138 The Tribunal upheld the decision of the Ld. CIT(A) to delete the addition under section 41(1) of the Income Tax Act, as the trading credit liability had been converted into a loan liability and subsequently repaid. The Tribunal found no defects in the assessee's books of accounts and supported the conclusion that the provision did not apply due to the repayment of the liability. Consequently, both the Revenue's appeal and the assessee's cross objections were dismissed, affirming the deletion of the addition by the Ld. CIT(A). en-us Fri, 16 Jul 2021 00:00:00 +0530 Mon, 26 Jul 2021 09:14:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410138 The Tribunal upheld the decision of the Ld. CIT(A) to delete the addition under section 41(1) of the Income Tax Act, as the trading credit liability had been converted into a loan liability and subsequently repaid. The Tribunal found no defects in the assessee's books of accounts and supported the conclusion that the provision did not apply due to the repayment of the liability. Consequently, both the Revenue's appeal and the assessee's cross objections were dismissed, affirming the deletion of the addition by the Ld. CIT(A). Case-Laws Income Tax Fri, 16 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410138