No Liability Cessation Without Remission: ITAT Deletes Section 41(1) Addition  

Girish Raghavan Vs ACIT (ITAT Mumbai) The appeal concerns the assessment year 2014–15, where the assessee challenged the order passed by the CIT(A), arising from the assessment order dated 26.12.2016. The assessee, an individual engaged in energy and fuel management, mining, and related consultancy services, had declared a total income of Rs. 93,82,420/- for the relevant year. During scrutiny, the Assessing Officer (AO) observed that the assessee had shown a liability of Rs. 2,04,71,565/- under ‘Sundry Creditors,’ which had remained outstanding since assessment year 2012–13. The assess...