Dismissing the appeal of the revenue , the Court held that , Creditors were paid in subsequent years hence addition was held to be not justified . ( AY. 1996 -97)
CIT v. Banaras House Ltd. (2018) 402 ITR 88 (Delhi) (HC)
S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Creditors were paid in subsequent years hence addition was held to be not justified .