Remission or cessation of liability u/s 41(1) - AO, based on ...

Assessing Officer failed to verify liability remission u/s 41(1); addition deleted due to lack of verification.

May 22, 2019

Case Laws Income Tax HC

Remission or cessation of liability u/s 41(1) - AO, based on available material ought to have verified as to whether there is any remission or cessation of liability - in the absence of any such verification AO could not have added such amount of credit for taxation - addition deleted

View Source

← Previous Next →

Remission or cessation of liability u/s 41(1) - AO, based on ...

Assessing Officer failed to verify liability remission u/s 41(1); addition deleted due to lack of verification.

May 22, 2019

Case Laws Income Tax HC

You may also like:

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...

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...

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...

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...

Addition u/s 41(1) - It is evident that obtaining of any benefit by the assessee in the form remission or cessation is sine qua non for invoking section 41(1). If the...

Additions against Cessation of liability u/s.41(1) - there was nothing on record to show that there was any remission or cessation of such liability. Under the...

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 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

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

Addition u/s 41 - remission/cessation of liability - liability continued from past so many years - merely on the basis of surmises and assumptions it cannot be said that...

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...

Addition u/s. 41(1) - Difference between the amount payable as per books of accounts and amount as per the confirmation received from the creditor - The High Court...

Addition u/s 41 - sick company - cessation of liability towards unsecured loans availed from financial institutions in terms of order of the BIFR - Apex Court has held...

Addition u/s 41(1) - Once the AO has allowed the assessee’s corresponding material purchases claim in the revenue account as a regular head of expenditure, the same very...

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...

Quick Updates: