https://www.taxtmi.com/caselaws?id=752540 The ITAT ruled in favor of the assessee, deleting the addition of Rs. 14,37,096 under Section 41(1) for cessation of liability. The CIT(A) had upheld the addition based on evidence from JK Enterprises. However, the Tribunal found the addition unjustified, citing lack of specific material from the assessee's books and relying on the precedent set in Sugauli Sugar Works vs. CIT. The appeal was allowed, and the impugned addition was removed, as there was no actual cessation of liability recorded in the assessee's accounts. en-us Fri, 10 May 2024 00:00:00 +0530 Mon, 13 May 2024 08:38:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752540 The ITAT ruled in favor of the assessee, deleting the addition of Rs. 14,37,096 under Section 41(1) for cessation of liability. The CIT(A) had upheld the addition based on evidence from JK Enterprises. However, the Tribunal found the addition unjustified, citing lack of specific material from the assessee's books and relying on the precedent set in Sugauli Sugar Works vs. CIT. The appeal was allowed, and the impugned addition was removed, as there was no actual cessation of liability recorded in the assessee's accounts. Case-Laws Income Tax Fri, 10 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752540