Addition u/s 41 - Cessation of liability - Addition of amount of ...

Income Tax

March 12, 2020

Addition u/s 41 - Cessation of liability - Addition of amount of stale drafts not claimed for more than three years and the claim for which had become barred by limitation - Addition cannot be made under Section 41(1) of the Act, since the liability of the assessee Bank to pay back the amounts to the customers in respect of such stale Demand Drafts and Pay Orders does not cease in law. - HC

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Addition u/s 41 - Cessation of liability - Addition of amount of ...

Income Tax

March 12, 2020

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