Penalty u/s 271(1)(c) - cessation of liability u/s 41(1) in ...

Income Tax

December 17, 2015

Penalty u/s 271(1)(c) - cessation of liability u/s 41(1) in respect of two trade creditors and in respect of one trade debtor - penalty in this case can not be imposed by merely referring to the alleged surrender and without considering the explanation. - AT

View Source

← Previous Next →

Penalty u/s 271(1)(c) - cessation of liability u/s 41(1) in ...

Income Tax

December 17, 2015

You may also like:

Cessation of trading liability U/s 41(1)(a) - Outstanding of creditors even for more than three years cannot be considered as sufficient evidence of cessation of...

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...

Outstanding creditors - cessation/ remission of liability u/s 41(1) - no amount stands paid to the creditors – they were introducing their own money - additions confirmed.

Addition on account of cessation of liability of unsecured loan - assessee was not having trading liability u/s 41(1) of the Act - No additions - AT

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

Addition under sec.41(1) on account of cessation of liability - assessee has no explanation to prove that the creditors in its books of account are genuine - additions...

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.

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...

Addition u/s 41(1) on account of cessation of liability – there could be no cessation of liability solely on the ground that it is over three years old - AT

Additions u/s 41(1) for cessation of liability - simply because the liability is outstanding for quite some years the liability does not seize to exist - mere entry in...

Quick Updates: