Appeal Dismissed: Trade Creditors' Denial Leads to Ceased Liabilities u/s 41(1) of Income Tax Act.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Addition u/s 41(1) - creditors treated as ceased/waived liability - recalling of appeal - the Assessing Officer issued summons to the alleged trade creditors and recorded their statements, wherein they have denied of any payment due to the assessee - The appeal recalled to the extent of examining the two decisions, is accordingly dismissed. - Additions confirmed - AT....