Home Highlights May 2014 Year 2014 This

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1. Additions against Cessation of liability u/s.41(1) - there was nothing on record to show that there was any remission or cessation of such liability. Under the...

2. Addition u/s 41(1) - amount waived by TamilNad Mercantile Bank Limited representing Term Loan - waiver of loan does not amount to cessation of trading liability - No additions.

3. Cessation of liability u/s 41(1) - As per the explanation, the remission or cessation of any liability by a unilateral Act, is covered u/s.41(1) - additions confirmed - AT

4. Addition u/s 41(1) - it is undisputed fact that the remission of liability would be only of the amount payable and not of the amounts paid by the assessee. These amounts...

5. Addition u/s 41 - sick company - cessation of liability towards unsecured loans availed from financial institutions in terms of order of the BIFR - Apex Court has held...

6. Addition u/s 41(1) - AO alleged that liability is non-existent - section 41(1) can be invoked provided there is trading liability in existence - in absence of any...

7. Outstanding creditors - cessation/ remission of liability u/s 41(1) - no amount stands paid to the creditors – they were introducing their own money - additions confirmed.

8. Remission / cessation of liability u/s 41(1) - CIT(A) was justified in deleting this addition because the amount stood remitted in the earlier year and not the current year - AT

9. Addition u/s 41(1) on account of presumed remission of liability - unless there is a cessation of liability, income cannot be added as per the provisions of Section 41(1) - AT

10. Additions u/s 41(1) - There cannot be cessation of liability twice - Therefore, when as per Explanation (1) there would be cessation of liability in the FY 2012-13 i.e....

11. Cessation of liability u/s 41(1) - Notice issued u/s 133(6) could not be served upon the creditors - while the assessee has continued to declare the trading liability in...

12. Addition u/s. 41(1) - deeemed cessations of creditors - The conduct of both the parties clearly demonstrates the remission of the amounts. The amounts which were...

13. Addition u/s.41(1) - cessation of liability - The onus is on the Assessee to show that year of cessation is different. - addition made in respect of trading liabilities...

14. Cessation of liability u/s 41(1) - liability is being carried forward for years and the assessee is not able to completely prove the genuineness of the trading liability...

15. Remission or cessation of liability u/s 41(1) - AO, based on available material ought to have verified as to whether there is any remission or cessation of liability -...