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Case Law Details

Case Name : The Income Tax Officer Vs M/S. Vikram A. Pradhan (ITAT Mumbai)
Related Assessment Year : 2008-09
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Amounts shown as liabilities / Outstanding in the Balance Sheet cannot be deemed to be “cessation of liability” under Section 41(1) of Income Tax Act, 1961 merely  because the liabilities are outstanding for several years. Assessing Officer has to bring on record any material evidence to establish that there was cessation of liability in respect of the outstanding creditors balances represented in the assessee’s Balance Sheet.

In the case on hand, as observed by the Ld. CIT(A), we find

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