https://www.taxtmi.com/highlights?id=85764 ITAT reversed additions made under sections 41(1) and 69 of Income Tax Act. Regarding s.41(1), outstanding trade payables to supplier since FY 2011-12 for defective materials were consistently shown in books, with no cessation of liability established. Following precedent, mere non-payment without remission does not satisfy s.41(1) requirements. Previous ITAT ruling for AY 2012-13 had already examined creditor authenticity. On s.69 addition, demand draft for land registration was properly recorded as fixed asset in FY 2014-15 books, negating unexplained investment presumption. Revenue's contradictory position in subsequent year deemed improper. Appeal allowed with both additions deleted. en-us Sat, 15 Feb 2025 08:00:46 +0530 Sat, 15 Feb 2025 08:00:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=85764 ITAT reversed additions made under sections 41(1) and 69 of Income Tax Act. Regarding s.41(1), outstanding trade payables to supplier since FY 2011-12 for defective materials were consistently shown in books, with no cessation of liability established. Following precedent, mere non-payment without remission does not satisfy s.41(1) requirements. Previous ITAT ruling for AY 2012-13 had already examined creditor authenticity. On s.69 addition, demand draft for land registration was properly recorded as fixed asset in FY 2014-15 books, negating unexplained investment presumption. Revenue's contradictory position in subsequent year deemed improper. Appeal allowed with both additions deleted. Highlights Income Tax Sat, 15 Feb 2025 08:00:46 +0530 https://www.taxtmi.com/highlights?id=85764