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2016 (5) TMI 637 - AT - Income TaxAddition u/s 41 - conversion of unsecured loan from the sister as gift by book entry - in the earlier years, interest paid to sister was claimed as deduction - whether remission / cessation of liability u/s 41(1) - Held that:- There was no remission of liability u/s 41(1) of the Act, because the gift was genuinely made by Smt. Kiranben Gandhi and accepted by the assessee out of natural love and affection and there was no business consideration in this transaction. Therefore, the provisions of Section 41(1) of the Act cannot be invoked for the interest payment made in earlier years. Also see 2012 (8) TMI 620 - ITAT COCHIN [2012 (8) TMI 620 - ITAT COCHIN] - Decided in favour of assessee
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