https://www.taxtmi.com/caselaws?id=415882 The Tribunal allowed the Revenue's appeal, overturning the CIT(A)'s decision and reinstating the assessment order. It held that the advances and maintenance deposits received by the assessee were no longer liabilities and should be treated as income under Section 41(1) of the Income-tax Act, 1961. The Tribunal emphasized that the assessee had held onto these amounts for an extended period without returning them to the relevant parties, leading to the cessation of liabilities. The decision was rendered on December 14, 2021, in Ahmedabad. en-us Tue, 14 Dec 2021 00:00:00 +0530 Thu, 16 Dec 2021 09:07:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415882 The Tribunal allowed the Revenue's appeal, overturning the CIT(A)'s decision and reinstating the assessment order. It held that the advances and maintenance deposits received by the assessee were no longer liabilities and should be treated as income under Section 41(1) of the Income-tax Act, 1961. The Tribunal emphasized that the assessee had held onto these amounts for an extended period without returning them to the relevant parties, leading to the cessation of liabilities. The decision was rendered on December 14, 2021, in Ahmedabad. Case-Laws Income Tax Tue, 14 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415882