https://www.taxtmi.com/caselaws?id=766590 ITAT held in favour of the assessee, deleting additions under s.41(1) and s.68. Lease deposits were interest-free, security deposits for a 21-year lease and temporary in nature, and booking advances were routine receipts not constituting cessation of liability. AO failed to establish the statutory conditions for invoking s.41(1), and s.68 was inapplicable as the transactions were old and not in the relevant previous year. The Tribunal upheld the CIT(A)'s deletion of additions, dismissing the tax department's claims. en-us Tue, 25 Feb 2025 00:00:00 +0530 Mon, 18 Aug 2025 15:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766590 ITAT held in favour of the assessee, deleting additions under s.41(1) and s.68. Lease deposits were interest-free, security deposits for a 21-year lease and temporary in nature, and booking advances were routine receipts not constituting cessation of liability. AO failed to establish the statutory conditions for invoking s.41(1), and s.68 was inapplicable as the transactions were old and not in the relevant previous year. The Tribunal upheld the CIT(A)'s deletion of additions, dismissing the tax department's claims. Case-Laws Income Tax Tue, 25 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766590