Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (7) TMI 416 - MADRAS HIGH COURTIncome u/s 41(1) - Bank waived the interest portion accrued and payable by the assessee - Returns filed for A.Y. in which deduction claimed was held non-est - Tribunal held that since returns were non-est therefore, there could be no addition under Section 41(1) - Held that:- For the applicability of Section 41(1) of the Act, the prerequisite condition is that an allowance or deduction has been made in the assessment for any of the years in respect of an expenditure, loss or trading liability incurred by the assessee and subsequently during any previous year, the assessee has received remission or obtained refund of the said amount - Unless the amount had been allowed as a deduction in the earlier years, the question of invoking Section 41(1) does not arise - No interference in Tribunal's order - Following decisions of Tirunelveli Motor Bus Service Co. P. Ltd. Vs. Commissioner of Income Tax, Madras [1970 (8) TMI 2 - SUPREME Court], Narayanan Chettiary Industries v. Income-tax Officer [2005 (7) TMI 71 - MADRAS High Court] - Decided against Revenue.
|