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2014 (4) TMI 864 - HC - Income TaxCessation of liability u/s 41(1) of the Act – Remission to the Tribunal - Held that:- It is not a case where the Tribunal did not refer to facts - Section 41(1) of the Act would apply in a case where there has been remission or cessation of liability subject to the conditions contained in the statute being fulfilled - cessation or remission has to be during the previous year relevant to the assessment year – but, both the elements are missing - there was nothing on record to suggest there was remission or cessation of liability that too during the previous year relevant to the assessment year 2007-08 which was the year under consideration - there was no cessation or remission of liability – thus, the amount cannot be added back as a deemed income u/s 41(c) of the Act – thus, the remand proceedings to the Tribunal cannot be granted – Decided against Revenue.
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