Income Tax Act Sections 68 & 41: Revenue lacks grounds to sustain addition; no evidence of liability cessation found.

Income Tax Act Sections 68 & 41: Revenue lacks grounds to sustain addition; no evidence of liability cessation found. https://www.taxtmi.com/highlights?id=66798 Addition u/s 68/41 - old sundry creditors - opening balance of advances for booking and another sundry creditor - there is no ground of appeal raised by the revenue for making/ sustaining addition under section 41(1), yet we may observe that the assessing officer has not brought any evidence to show that it was a cessation or remission of trading liability. - AT en-us Mon, 28 Nov 2022 10:49:36 +0530 Mon, 28 Nov 2022 10:49:36 +0530 TaxTMI RSS Generator Income Tax Act Sections 68 & 41: Revenue lacks grounds to sustain addition; no evidence of liability cessation found. https://www.taxtmi.com/highlights?id=66798 Addition u/s 68/41 - old sundry creditors - opening balance of advances for booking and another sundry creditor - there is no ground of appeal raised by the revenue for making/ sustaining addition under section 41(1), yet we may observe that the assessing officer has not brought any evidence to show that it was a cessation or remission of trading liability. - AT Highlights Income Tax Mon, 28 Nov 2022 10:49:36 +0530 https://www.taxtmi.com/highlights?id=66798