https://www.taxtmi.com/caselaws?id=314076 The HC dismissed the Revenue's Tax Appeal challenging the ITAT's order under section 260A of the Income Tax Act. The ITAT had upheld the CIT(A)'s decision to delete the addition of Rs.1.07 crores by the Assessing Officer, who had questioned the genuineness of credits. The CIT(A) found the payments were made via Account Payee cheques and credited to creditors' bank accounts, establishing their existence. The Tribunal noted the Assessing Officer's failure to prove the cessation of liability, rendering section 41(1) inapplicable. The HC found no perversity or illegality in the lower orders, affirming the Tribunal's findings. en-us Mon, 28 Jan 2013 00:00:00 +0530 Thu, 16 May 2024 11:50:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=314076 The HC dismissed the Revenue's Tax Appeal challenging the ITAT's order under section 260A of the Income Tax Act. The ITAT had upheld the CIT(A)'s decision to delete the addition of Rs.1.07 crores by the Assessing Officer, who had questioned the genuineness of credits. The CIT(A) found the payments were made via Account Payee cheques and credited to creditors' bank accounts, establishing their existence. The Tribunal noted the Assessing Officer's failure to prove the cessation of liability, rendering section 41(1) inapplicable. The HC found no perversity or illegality in the lower orders, affirming the Tribunal's findings. Case-Laws Income Tax Mon, 28 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=314076