Addition u/s 41(1) Upheld as Liability Ceased When Amount Written Off by Borrower

Maideen Pitchai Rawther Peer Vs ACIT (ITAT Chennai)

ITAT Chennai held that liability ceased to exist when amount is written off by the borrower. Accordingly, the addition of such cessation of liability under section 41(1) of the Income Tax Act justified.

Facts- The assessee is an individual and filed his return

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