https://www.taxtmi.com/caselaws?id=438857 The Tribunal allowed the appellant's appeal, reversing the additions made under Section 41(1) of the Income Tax Act. It held that the liability claimed was subsisting, not ceased, as the appellant continued to recognize it in the books. Relying on precedents, the Tribunal emphasized that for Section 41(1) to apply, the assessee must have received a benefit from the cessation of liability, which was not the case here. The Tribunal set aside the additions, concluding that the appellant did not obtain any benefit, thus ruling in favor of the assessee. en-us Tue, 23 May 2023 00:00:00 +0530 Fri, 09 Jun 2023 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438857 The Tribunal allowed the appellant's appeal, reversing the additions made under Section 41(1) of the Income Tax Act. It held that the liability claimed was subsisting, not ceased, as the appellant continued to recognize it in the books. Relying on precedents, the Tribunal emphasized that for Section 41(1) to apply, the assessee must have received a benefit from the cessation of liability, which was not the case here. The Tribunal set aside the additions, concluding that the appellant did not obtain any benefit, thus ruling in favor of the assessee. Case-Laws Income Tax Tue, 23 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438857