https://www.taxtmi.com/caselaws?id=312353 ITAT Rajkot held that no addition under section 41(1) was warranted for cessation of liability. The assessee had already offered the written-back liability of bogus creditors in FY 2014-15, making addition in the current year double taxation. Regarding another creditor, the difference arose from book entries timing as the assessee made payment in subsequent year while creditor accounted receipt in same year. AO was directed to delete the addition after verifying the liability had already suffered tax in AY 2015-16. en-us Fri, 16 Sep 2022 00:00:00 +0530 Tue, 13 Feb 2024 17:32:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312353 ITAT Rajkot held that no addition under section 41(1) was warranted for cessation of liability. The assessee had already offered the written-back liability of bogus creditors in FY 2014-15, making addition in the current year double taxation. Regarding another creditor, the difference arose from book entries timing as the assessee made payment in subsequent year while creditor accounted receipt in same year. AO was directed to delete the addition after verifying the liability had already suffered tax in AY 2015-16. Case-Laws Income Tax Fri, 16 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312353