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2009 (12) TMI 541 - KERALA HIGH COURTDeemed income - Interest credits and payments have been regularly claimed as deduction - transferred the credit entries to the partners' capital accounts - neutralising the liability towards creditors - aditions under section 41(1) of the Act – Held that: - there is cessation of liability in respect of interest credited to the account of the creditors and so much so, it was rightly found by the Tribunal as income assessable under section 41(1) of the Income-tax Act - creditors ceased to have any claim against the assessee after the credit entries are transferred to the capital accounts of the partners
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