Addition u/s. 41(1) not justified in absence of evidence of cessation of liability: Delhi HC

PCIT Vs New World Synthetics Limited (Delhi High Court) Delhi High Court held that there was no evidence of cessation of liability thus addition under section 41(1) of the Income Tax Act not justifiable. Accordingly, appeal filed by the revenue dismissed. Facts- Present appeal by the Revenue u/s. 260 A of the Income Tax Act, 1961 assails the order dated 5th February, 2018 passed by the Income-tax Appellate Tribunal in the case of New World Synthetics Limited (respondent-assessee). The issue raised in the present appeal relates to addition of Rs.2,61,72,160/- made by the Assessing Officer u/s....