https://www.taxtmi.com/caselaws?id=433076 The Tribunal allowed the appeal, setting aside the CIT(Appeals) order and vacating the additions made by the A.O. under Section 41(1) of the Income-tax Act, 1961. The Tribunal found the delay in filing the appeal to be bona fide and condoned it. It held that the liabilities did not qualify as ceased liabilities as the A.O. failed to prove cessation or benefit to the assessee. The decision emphasized the need for concrete evidence to establish cessation of liabilities for Section 41(1) to apply, citing relevant judicial precedents. en-us Fri, 06 Jan 2023 00:00:00 +0530 Wed, 18 Jan 2023 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433076 The Tribunal allowed the appeal, setting aside the CIT(Appeals) order and vacating the additions made by the A.O. under Section 41(1) of the Income-tax Act, 1961. The Tribunal found the delay in filing the appeal to be bona fide and condoned it. It held that the liabilities did not qualify as ceased liabilities as the A.O. failed to prove cessation or benefit to the assessee. The decision emphasized the need for concrete evidence to establish cessation of liabilities for Section 41(1) to apply, citing relevant judicial precedents. Case-Laws Income Tax Fri, 06 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433076