https://www.taxtmi.com/caselaws?id=301928 The Tribunal upheld the ld. CIT(A)'s decision to delete the balance liability against the total addition under section 41(1) of the Income Tax Act, 1961, dismissing the Revenue's appeals. The Tribunal found that the liabilities shown in the balance sheet indicated acknowledgment of debts by the assessee, and as there was no evidence of bilateral action with creditors, the liabilities had not ceased to exist. The decision in the lead case was followed, affirming the deletion of the balance liability in all related appeals and resulting in the dismissal of all appeals filed by the Revenue. en-us Fri, 08 Mar 2019 00:00:00 +0530 Tue, 26 Apr 2022 22:00:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301928 The Tribunal upheld the ld. CIT(A)'s decision to delete the balance liability against the total addition under section 41(1) of the Income Tax Act, 1961, dismissing the Revenue's appeals. The Tribunal found that the liabilities shown in the balance sheet indicated acknowledgment of debts by the assessee, and as there was no evidence of bilateral action with creditors, the liabilities had not ceased to exist. The decision in the lead case was followed, affirming the deletion of the balance liability in all related appeals and resulting in the dismissal of all appeals filed by the Revenue. Case-Laws Income Tax Fri, 08 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301928