https://www.taxtmi.com/caselaws?id=411942 The ITAT allowed the Revenue's Miscellaneous Petition, recalling its order to adjudicate specific grounds. The CIT(A) deleted additions made under section 41(1) of the I.T. Act, emphasizing the non-extinguishment of liabilities. The ITAT upheld the CIT(A)'s decision, dismissing the Revenue's appeal as advances were adjusted against receivables, and the liability remained. The case concluded with the ITAT affirming the non-extinguishment of liabilities, rendering section 41(1) of the I.T. Act inapplicable. en-us Thu, 02 Sep 2021 00:00:00 +0530 Tue, 07 Sep 2021 08:05:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411942 The ITAT allowed the Revenue's Miscellaneous Petition, recalling its order to adjudicate specific grounds. The CIT(A) deleted additions made under section 41(1) of the I.T. Act, emphasizing the non-extinguishment of liabilities. The ITAT upheld the CIT(A)'s decision, dismissing the Revenue's appeal as advances were adjusted against receivables, and the liability remained. The case concluded with the ITAT affirming the non-extinguishment of liabilities, rendering section 41(1) of the I.T. Act inapplicable. Case-Laws Income Tax Thu, 02 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411942