Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (7) TMI 688 - HC - Income TaxRemission or cession of trading liability u/s 41(1) – Bad debt not written off in books – Held that:- The Suit filed by M/s. TAFE Limited (Creditor) against the assessee for recovery of ₹ 1.09 crores is still pending and the assessee has continued to show the amount as outstanding liability in its Book of Accounts, both the CIT(A) as well as the Tribunal rightly held that the amount cannot be included in the account of the assessee u/s 41(1) - there was no cessation of liability of the assessee - No error has been committed by the Tribunal in confirming the order of the CIT(A) – Decided against Revenue.
|