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2017 (2) TMI 554 - HC - Income TaxAddition u/s 41 - amount shown as 'advance against export' outstanding since 1997 - Held that:- As in Jayram Holidngs Pvt. Ltd. (2012 (7) TMI 1011 - ITAT MUMBAI) wherein in almost identical fact situation, advance received for exports was also shown in the accounts as a liability for a period of more than 10 years, the Tribunal took a view that there can be no addition of the amount shown as a liability either under Section 41(1) and/or under Section 28(iv) of the Act. This is so as long as the liability exists. Section 41(1) of the Act cannot be applied so long as the liability is acknowledged. - Decided against revenue.
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