Old Outstanding Creditors Cannot Be Taxed u/s 41(1) Without Proof of Liability Cessation

Advertisement Commissioner of Income-tax-II Vs Nitin S. Garg (Gujarat High Court) Merely because creditors were many years old & no interest been paid on loans, no addition can be made u/s. 41(1); No Addition u/s 41(1) Merely Because Loans Were Outstanding for Many Years; Section 41(1) Addition Deleted as Liabilities Continued in Balance Sheet; Untraceable Creditors Alone Not Enough to Invoke Section 41(1), Rules High Court; No Cessation of Liability Simply Because No Interest Was Paid on Old Loans; Revenue Failed to Prove Assessee Obtained Benefit From Outstanding Liabilities; Mere Exp...