https://www.taxtmi.com/caselaws?id=59618 The Tribunal ruled that the amount of Rs. 7,25,000, shown as an outstanding liability to HAL, should not be included as income for the year, as the liability was still recognized by the assessee and had not ceased. However, regarding the Rs. 70,845 addition under section 41(1), the Tribunal modified the CIT(A)'s decision, restoring Rs. 65,845 to the assessee's income due to lack of evidence supporting the liabilities. Thus, the appeal by the revenue was partly allowed, with the Rs. 7,25,000 addition deleted and Rs. 65,845 restored. en-us Thu, 31 May 2007 00:00:00 +0530 Sat, 17 Feb 2024 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59618 The Tribunal ruled that the amount of Rs. 7,25,000, shown as an outstanding liability to HAL, should not be included as income for the year, as the liability was still recognized by the assessee and had not ceased. However, regarding the Rs. 70,845 addition under section 41(1), the Tribunal modified the CIT(A)'s decision, restoring Rs. 65,845 to the assessee's income due to lack of evidence supporting the liabilities. Thus, the appeal by the revenue was partly allowed, with the Rs. 7,25,000 addition deleted and Rs. 65,845 restored. Case-Laws Income Tax Thu, 31 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59618