No Addition u/s 41(1) of the Income Tax Act as assessee acknowledged liability and reflected the same in its books of account: ITAT [Read Order]

By Aparna. M - On September 9, 2023 11:35 am - 2 mins read

No Addition - Addition - Income Tax Act - Income Tax Act as assessee acknowledged liability and reflected the same in its books of account assessee books of account - ITAT - income tax - taxscan

The Income Tax Appellate Tribunal (ITAT) Delhi bench held that Addition under Section 41(1) of the Income Tax Act, 1961 should not be invoked since the assessee had acknowledged liability and reflected the same in its books of Account. Assessee, Pelican Tobacco India Pvt. Ltd.’s income was scrutinized through Computer Aided Scrutiny Selection (CASS) after…

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