https://www.taxtmi.com/highlights?id=67803 Addition u/s. 41(1) - deeemed cessations of creditors - The conduct of both the parties clearly demonstrates the remission of the amounts. The amounts which were hitherto remained unpaid for more than a decade cannot be treated as an existing liability. Hence, the action of the revenue authorities subjecting that amount u/s. 41(1) cannot be faulted with. The appeal of the assessee on this ground is dismissed. - AT en-us Thu, 19 Jan 2023 13:08:25 +0530 Thu, 19 Jan 2023 13:08:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=67803 Addition u/s. 41(1) - deeemed cessations of creditors - The conduct of both the parties clearly demonstrates the remission of the amounts. The amounts which were hitherto remained unpaid for more than a decade cannot be treated as an existing liability. Hence, the action of the revenue authorities subjecting that amount u/s. 41(1) cannot be faulted with. The appeal of the assessee on this ground is dismissed. - AT Highlights Income Tax Thu, 19 Jan 2023 13:08:25 +0530 https://www.taxtmi.com/highlights?id=67803