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Income Tax - Highlights / Catch Notes

Home Highlights August 2019 Year 2019 This

Cessation of liability u/s 41(1) - conversion of the loan as ...

Income Tax

August 9, 2019

Cessation of liability u/s 41(1) - conversion of the loan as well as the unpaid interest into share capital - when there was no writing off of liabilities and only the sub-head, under which, the liability was shown in the account books of the assessee was changed and it continued to remain liable to pay even after change of entries, there could be no cessation of liability - not taxable

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