https://www.taxtmi.com/caselaws?id=300409 The Tribunal upheld the CIT(A)'s decision in dismissing the Revenue's appeal and the assessee's cross-objection. The deletion of addition under section 41(1) was upheld due to the failure of the AO to prove the cessation of liability. The disallowance under section 14A was also rejected based on the absence of exempt income. Additionally, the set off of loss against addition under section 68 was allowed, distinguishing between current year's set off and previous years' losses as per legislative amendments and judicial pronouncements. en-us Fri, 29 Mar 2019 00:00:00 +0530 Mon, 31 Jan 2022 21:09:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300409 The Tribunal upheld the CIT(A)'s decision in dismissing the Revenue's appeal and the assessee's cross-objection. The deletion of addition under section 41(1) was upheld due to the failure of the AO to prove the cessation of liability. The disallowance under section 14A was also rejected based on the absence of exempt income. Additionally, the set off of loss against addition under section 68 was allowed, distinguishing between current year's set off and previous years' losses as per legislative amendments and judicial pronouncements. Case-Laws Income Tax Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300409