https://www.taxtmi.com/caselaws?id=412542 The Tribunal upheld the CIT(A)'s decision to delete additions under Sections 41(1) and 68 of the Income Tax Act, 1961. In the first issue concerning non-genuine creditors, it was found that the liabilities did not cease to exist during the relevant assessment year, as required by Section 41(1). The second issue involved unexplained credits, where the assessee successfully proved the genuineness of the transaction. The Tribunal agreed with the CIT(A)'s detailed and reasoned order, dismissing the Revenue's appeal. en-us Mon, 13 Sep 2021 00:00:00 +0530 Tue, 21 Sep 2021 08:24:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412542 The Tribunal upheld the CIT(A)'s decision to delete additions under Sections 41(1) and 68 of the Income Tax Act, 1961. In the first issue concerning non-genuine creditors, it was found that the liabilities did not cease to exist during the relevant assessment year, as required by Section 41(1). The second issue involved unexplained credits, where the assessee successfully proved the genuineness of the transaction. The Tribunal agreed with the CIT(A)'s detailed and reasoned order, dismissing the Revenue's appeal. Case-Laws Income Tax Mon, 13 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412542