Saturday, 15 June 2013

No sec. 41(1) addition if no evidences were produced to prove remission or cessation of liability

IT : Where Tribunal on basis of material on record, found that certain liability shown in assessee's books of account was genuine which was duly paid subsequently by account payee cheques, impugned addition made by revenue authorities under section 41(1) in respect of said liability was not sustainable


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