https://www.taxtmi.com/highlights?id=62322 Cessation of liability - Additions u/s 41(1) - Unsecured loans received on account of transfer entry made through banking channel - Sundry creditors for more than 4 years - liability has been acknowledged by the assessee and duly shown in the balance sheet and since some of the creditors could not file confirmation before the AO, it cannot be held that there was a cessation of liability. Genuineness and creditworthiness does not come into play for application of section 41(1) of the Act. - AT en-us Mon, 07 Mar 2022 12:50:36 +0530 Mon, 07 Mar 2022 12:50:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=62322 Cessation of liability - Additions u/s 41(1) - Unsecured loans received on account of transfer entry made through banking channel - Sundry creditors for more than 4 years - liability has been acknowledged by the assessee and duly shown in the balance sheet and since some of the creditors could not file confirmation before the AO, it cannot be held that there was a cessation of liability. Genuineness and creditworthiness does not come into play for application of section 41(1) of the Act. - AT Highlights Income Tax Mon, 07 Mar 2022 12:50:36 +0530 https://www.taxtmi.com/highlights?id=62322