https://www.taxtmi.com/caselaws?id=771062 Delhi HC upheld ITAT's decision to add deemed income under section 41 for outstanding liabilities to two banks. Assessee's books showed inflated bank overdrafts exceeding actual bank statements. Cheques claimed as issued were never presented to banks, and Punjab National Bank account was an escrow account that cannot have negative balance. Despite assessee's claims of real estate business difficulties and returned materials to vendors, ITAT found insufficient evidence to support these transactions. HC found no perversity in ITAT's factual findings regarding genuineness of claimed liabilities. en-us Fri, 02 May 2025 00:00:00 +0530 Tue, 20 May 2025 08:53:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=771062 Delhi HC upheld ITAT's decision to add deemed income under section 41 for outstanding liabilities to two banks. Assessee's books showed inflated bank overdrafts exceeding actual bank statements. Cheques claimed as issued were never presented to banks, and Punjab National Bank account was an escrow account that cannot have negative balance. Despite assessee's claims of real estate business difficulties and returned materials to vendors, ITAT found insufficient evidence to support these transactions. HC found no perversity in ITAT's factual findings regarding genuineness of claimed liabilities. Case-Laws Income Tax Fri, 02 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=771062