Sec. 41(1) couldn't be invoked if existence of liabilities was doubted: HC

IT : Where existence of liabilities was doubted, same could have been disallowed in year in which it was claimed, or could have been treated as unexplained cash credit in hands of assessee under section 68, but same could not be taxed under section 41(1), inasmuch as if liability itself was not genuine, question of remission or cessation thereof would not arise

from www.taxmann.com Latest Case Laws http://bit.ly/2H557vI