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Income Tax - Highlights / Catch Notes

Home Highlights December 2013 Year 2013 This

Demand u/s 68 read with Section 41(1) - Trading liability - ...

Income Tax

December 20, 2013

Demand u/s 68 read with Section 41(1) - Trading liability - genuineness of the entities against whom trading liabilities have been shown - additions deleted - AT

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  3. Cessation of liability u/s 41(1) - liability is being carried forward for years and the assessee is not able to completely prove the genuineness of the trading liability...

  4. Addition u/s 41(1) - amount waived by TamilNad Mercantile Bank Limited representing Term Loan - waiver of loan does not amount to cessation of trading liability - No additions.

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  7. Addition u/s 41(1) on account of presumed remission of liability - unless there is a cessation of liability, income cannot be added as per the provisions of Section 41(1) - AT

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  10. Addition u/s 41(1)(a) - cessation of trading liability - the method of accounting, cash or mercantile, adopted by the assessee is also irrelevant as far as section 41(1)...

 

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