Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2006 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2006 (4) TMI 70 - HC - Income TaxAppellant, sick unit – under rehabilitation scheme, interest was waived by BIFR – assessee writes off its liability towards internet in account books & got deduction – AO is not justified in making additions considering it as cessation/remission of liabilities – AO is not justified in invoking sec. 41(1) – Tribunal was right in holding that section 41(1) can’t be invoked in respect of the amount which the assessee paid as commission and written off in the books of account of the profit & loss
|