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Income Tax - Highlights / Catch Notes

Home Highlights February 2017 Year 2017 This

Addition u/s 41 - amount shown as 'advance against export' ...

Income Tax

February 13, 2017

Addition u/s 41 - amount shown as 'advance against export' outstanding since 1997 - Liability for a period of more than 10 years - Section 41(1) cannot be applied so long as the liability is acknowledged - HC

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  1. 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.

  2. 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...

  3. Remission / cessation of liability u/s 41(1) - CIT(A) was justified in deleting this addition because the amount stood remitted in the earlier year and not the current year - AT

  4. 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...

  5. 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

  6. 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.

  7. 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

  8. Addition u/s 41(1) – cessation of liability - expiry of the period of limitation prescribed under the Limitation Act could not extinguish the debt - No addition - HC

  9. Addition made under Section 41(1) - creditors outstanding for more than three years in the books of respondent-assessee - The settled position in law is that showing...

  10. 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

 

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