https://www.taxtmi.com/caselaws?id=433321 The Tribunal overturned the addition of Rs.15,95,250 under section 41(1) of the Income Tax Act, 1961 for Assessment Year 2016-17. The Tribunal found that the liability was for the purchase of machinery and not a trade liability, as the machinery was never used or depreciated. Relying on precedent, the Tribunal concluded that the addition was unsustainable, allowing the appeal and ruling in favor of the assessee. en-us Wed, 26 Oct 2022 00:00:00 +0530 Fri, 27 Jan 2023 08:33:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433321 The Tribunal overturned the addition of Rs.15,95,250 under section 41(1) of the Income Tax Act, 1961 for Assessment Year 2016-17. The Tribunal found that the liability was for the purchase of machinery and not a trade liability, as the machinery was never used or depreciated. Relying on precedent, the Tribunal concluded that the addition was unsustainable, allowing the appeal and ruling in favor of the assessee. Case-Laws Income Tax Wed, 26 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433321