TMI BlogAddition u/s 41(1) on bogus creditors - amount received from 10 parties are not sundry creditors as they...Addition u/s 41(1) on bogus creditors - amount received from 10 parties are not sundry creditors as they have advances for booking of plot of lands of which few have been transferred to sales account as and when the registry of plot of land is completed. Provision of Section 41(1) are not applicable on this case as the assessee has not claimed the alleged amount of advances from customers as an allowance or deduction in any assessment year in respect of loss, expenditure or trading liability. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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