https://www.taxtmi.com/highlights?id=83318 Assessee challenged addition on account of unproved sundry creditors u/s 41(1), contending evidence of liability cessation was provided. AO held assessee failed to prove identity, creditworthiness, and genuineness despite opportunities. However, assessee filed relevant details of sundry credits with opening balances and settlements in relevant year. Revenue's attempt to invoke section 68 lacked discussion on assessee's failure to discharge onus. ITAT concluded in these facts, whether u/s 41(1) or 68, AO could not make impugned addition on both counts. Addition rejected accordingly. en-us Fri, 22 Nov 2024 07:50:46 +0530 Fri, 22 Nov 2024 07:50:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=83318 Assessee challenged addition on account of unproved sundry creditors u/s 41(1), contending evidence of liability cessation was provided. AO held assessee failed to prove identity, creditworthiness, and genuineness despite opportunities. However, assessee filed relevant details of sundry credits with opening balances and settlements in relevant year. Revenue's attempt to invoke section 68 lacked discussion on assessee's failure to discharge onus. ITAT concluded in these facts, whether u/s 41(1) or 68, AO could not make impugned addition on both counts. Addition rejected accordingly. Highlights Income Tax Fri, 22 Nov 2024 07:50:46 +0530 https://www.taxtmi.com/highlights?id=83318