https://www.taxtmi.com/caselaws?id=428200 The Tribunal upheld the addition of Rs. 19,70,374/- as outstanding amount treated as fictitious liability under Section 41(1). The decision was based on the creditor's acknowledgment of payment received for goods supplied in a previous fiscal year, leading to the cessation of the liability. The appeal was dismissed, affirming the lower authorities' findings and rejecting the argument regarding the payment source. en-us Fri, 23 Sep 2022 00:00:00 +0530 Mon, 26 Sep 2022 08:31:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428200 The Tribunal upheld the addition of Rs. 19,70,374/- as outstanding amount treated as fictitious liability under Section 41(1). The decision was based on the creditor's acknowledgment of payment received for goods supplied in a previous fiscal year, leading to the cessation of the liability. The appeal was dismissed, affirming the lower authorities' findings and rejecting the argument regarding the payment source. Case-Laws Income Tax Fri, 23 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428200