LAXMI SRICHAND RAHEJA,MUMBAI vs. ITO 16(1)(1), MUMBAI

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ITA 1132/MUM/2013Status: DisposedITAT Mumbai01 June 2016AY 2009-103 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that since the creditors had confirmed receipt of payment, there was no cessation of liability. The matter was restored to the AO for verification of actual payment.

What were the facts?

The assessee showed a sum of Rs. 55,00,000/- under sundry creditors. The Assessing Officer (AO) invoked Section 41(1) for cessation of liability, and the CIT(A) confirmed this addition. However, evidence of payment to creditors was later produced.

What were the issues?

Whether the liability shown under sundry creditors had ceased, warranting addition under Section 41(1), and if actual payment was made to the creditors.

Which sections of the Income-tax Act were involved?

Section 41(1)

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Cases cited in this judgment(1)Show list

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Income Tax Appellate Tribunal, “A”, BENCH MUMBAI

Before: SHRI R.C.SHARMA, AM & SHRI RAM LAL NEGI, JM

Hearing: 01/06/2016Pronounced: 01/06/2016

Heard together (2 matters)

ITA No.1132/Mum/2013
ITA No.1134/Mum/2013

Read from the judgment's own cause title. This page is filed under one of them.

ननधाारयती की ओर से /Assessee by : Apurva R. Shah याजस्व की ओर से /Revenue by : Shri Maurya Pratap सुनवाई की तायीख / Date of Hearing : 01/06/2016 घोषणा की तायीख/Date of Pronouncement 01/06/2016 आदेश / O R D E R PER R.C.SHARMA (A.M): These are the appeals filed by the assessee against the order of CIT(A), Mumbai, for the assessment year 2009-2010, in the matter of order passed u/s.143(3) of the I.T.Act.

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