Addition invoking section 41(1) unjustified in absence of any remission or cessation of liability

Pelican Tobacco India Pvt Ltd Vs DCIT (ITAT Delhi) ITAT Delhi held that addition by invoking provisions of section 41(1) of the Income Tax Act unjustified as liability reflected as outstanding in books of accounts and there is no evidence that such liability has ceased during the year. Facts- The assessee filed its return of income on 24.11.2016, declaring loss of INR 38,41,211/-. Subsequently, the case was selected for limited scrutiny through CASS. During the course of assessment proceedings, the assessee was asked to furnish the address and confirmation of creditors from credit amounting to...