https://www.taxtmi.com/caselaws?id=433019 The tribunal upheld the assessment order under Section 143(3) of the Income Tax Act, justifying the addition under Section 41(1) due to the cessation of liability for outstanding balances. The tribunal ruled in favor of the Revenue, emphasizing the need for evidence of liability cessation and proper transaction categorization. However, the addition on account of advances from specific entities was deemed unjustified as no fresh advances were made during the relevant year. The tribunal also found discrepancies in the assessment regarding outstanding credit balances, ultimately partly allowing the appeal based on the individual merits of each issue raised by the assessee. en-us Thu, 05 Jan 2023 00:00:00 +0530 Thu, 19 Jan 2023 08:38:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433019 The tribunal upheld the assessment order under Section 143(3) of the Income Tax Act, justifying the addition under Section 41(1) due to the cessation of liability for outstanding balances. The tribunal ruled in favor of the Revenue, emphasizing the need for evidence of liability cessation and proper transaction categorization. However, the addition on account of advances from specific entities was deemed unjustified as no fresh advances were made during the relevant year. The tribunal also found discrepancies in the assessment regarding outstanding credit balances, ultimately partly allowing the appeal based on the individual merits of each issue raised by the assessee. Case-Laws Income Tax Thu, 05 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433019