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2013 (12) TMI 654 - AT - Income TaxAddition on account of liability u/s 41(1) – The assessee has outstanding liability towards creditors amounting to Rs.1,66,53,143/- in respect of 28 creditors - Held that:- Following Visnagar Taluka Audyogik Sahakari Mandli Ltd vs CIT [1999 (9) TMI 51 - GUJARAT High Court] – If the AO feels that the liability has ceased to exist then onus to prove the fact is on AO – The assessee continued to show the liability – Section 41(1) is not applicable – Decided against Revenue.
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