https://www.taxtmi.com/caselaws?id=313261 ITAT Lucknow upheld CIT(A)'s order deleting additions made by AO under sections 68 and 41(1), and disallowance of expenses. The tribunal found no cash credit received during the assessment year as loans were received prior to previous year commencement, making section 68 addition invalid. Regarding section 41(1), no liability cessation was established. For expense disallowance, CIT(A)'s detailed examination showed expenses were wholly, necessarily and exclusively business-related. Revenue's appeal was dismissed as their grounds remained uncontroverted. en-us Thu, 17 Mar 2016 00:00:00 +0530 Wed, 03 Apr 2024 18:32:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313261 ITAT Lucknow upheld CIT(A)'s order deleting additions made by AO under sections 68 and 41(1), and disallowance of expenses. The tribunal found no cash credit received during the assessment year as loans were received prior to previous year commencement, making section 68 addition invalid. Regarding section 41(1), no liability cessation was established. For expense disallowance, CIT(A)'s detailed examination showed expenses were wholly, necessarily and exclusively business-related. Revenue's appeal was dismissed as their grounds remained uncontroverted. Case-Laws Income Tax Thu, 17 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313261