Addition U//s 41(1) not justified for creditors paid in subsequent years

Satpal & Sons (HUF) Vs ACIT (ITAT Delhi) Authorized Representative further submitted that all the above creditors are outstanding from F.Y. 2008-09 and no any transactions have been made since then. The assessing officer has alleged that the creditors are outstanding in the books of account for more than 3 years, therefore, as per limitation of three years in respect of liability, such liabilities would stand ceased. It was submitted that these creditors have been paid in the subsequent years through banking channel and therefore, the assess

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