Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights July 2015 Year 2015 This

Addition u/s 41(1) - no deduction/allowance has been made in ...

Income Tax

July 25, 2015

Addition u/s 41(1) - no deduction/allowance has been made in respect of loss, exp/liability in the assessment year or in any earlier years, cessation of such liability cannot be taxed under section 41(1) of the Income Tax Act. - AT

View Source

 


 

You may also like:

  1. Addition u/s 41(1) - addition towards waiver of liability / expenditure claimed earlier - One of the essential requirements of Section 41(1) of the Act is that there...

  2. Addition u/s 41(1) - interest waived by the Bank - The appellant contended that the waiver of liability by the bank should not be chargeable to tax under Section 41(1)...

  3. 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...

  4. Addition u/s 41 - no allowance or deduction had been made in the assessment of the assessee in any earlier year - Consequently, there is no question of invoking section...

  5. Addition u/s 41(1) or u/s 28 - waiver of working capital loan - In respect of principal amount, though the assessee has gained the benefit by way of one time settlement...

  6. Addition made u/s 41(1) - Cessation of Liability u/s 41(1) - assessee has never claimed these expenses in its return of income - when no claim has been made by the...

  7. Cessation of liability u/s 41(1) - Notice issued u/s 133(6) could not be served upon the creditors - while the assessee has continued to declare the trading liability in...

  8. Addition u/s.41(1) - cessation of liability - The onus is on the Assessee to show that year of cessation is different. - addition made in respect of trading liabilities...

  9. Addition u/s 41 - Cessation of liability - Addition of amount of stale drafts not claimed for more than three years and the claim for which had become barred by...

  10. Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

  11. Addition u/s 41(1) - cessation of liability - waive of loan as part of one time settlement of loan with the banks - The benefit gained by the assessee on account of...

  12. Additions u/s 41(1) - There cannot be cessation of liability twice - Therefore, when as per Explanation (1) there would be cessation of liability in the FY 2012-13 i.e....

  13. Penalty u/s 271(1)(c) - non recording of satisfaction - When satisfaction for initiation of penalty proceedings u/s 271(1)(c) of IT Act is recorded by the AO in...

  14. Addition u/s 41(1) - waiver of unsecured interest free loans taken - since the assessee has not claimed any allowance or deduction in respect of the unsecured loan...

  15. Cessation of liability u/s 41(1) - As per the explanation, the remission or cessation of any liability by a unilateral Act, is covered u/s.41(1) - additions confirmed - AT

 

Quick Updates:Latest Updates