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 September 2015 Year 2015 This

Provisions of section 41(1) are clearly applicable when it is ...


Section 41(1) Addresses Liabilities: Applicability When Reported Liabilities by Assessee Are Found Non-Existent.

September 14, 2015

Case Laws     Income Tax     AT

Provisions of section 41(1) are clearly applicable when it is established that the said liabilities as shown by the assessee actually ceased to exist in the year under consideration itself. - AT

View Source

 


 

You may also like:

  1. ITAT ruled against treating lease deposits and booking advances as cessation of liability under Section 41(1) of Income Tax Act. The 3 crore lease deposit was temporary,...

  2. Assessee's case remanded to Assessing Officer to consider taxability of loan waiver under One Time Settlement Scheme with bank. If loan was for trading purpose, waiver...

  3. Addition u/s 41(1) - benefit by way of remission or cessation of liability - In the instant case, the first mentioned person is the assessee, but not the creditor. In...

  4. The High Court upheld the Income Tax Appellate Tribunal's decision to delete the addition made by the Assessing Officer u/s 41(1) of the Income Tax Act. The provisions...

  5. The assessing officer made an addition u/s 41(1) on the grounds that the assessee had ceased trading liabilities, even though the assessee did not respond to...

  6. 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)...

  7. Cessation of liability - Additions u/s 41(1) - Unsecured loans received on account of transfer entry made through banking channel - Sundry creditors for more than 4...

  8. Assessee challenged addition on account of unproved sundry creditors u/s 41(1), contending evidence of liability cessation was provided. AO held assessee failed to prove...

  9. 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)...

  10. 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...

  11. Addition u/s 41(1) - AO alleged that liability is non-existent - section 41(1) can be invoked provided there is trading liability in existence - in absence of any...

  12. 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...

  13. ITAT ruled against the validity of reassessment proceedings where additions were made under section 41(1) for remission/cessation of liability. While the original notice...

  14. 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

  15. Addition u/s 41(1) - Simply because the address of the sundry credits had changed, which fact was brought to the knowledge of the AO, without making any enquiry at the...

 

Quick Updates:Latest Updates