Cessation of liability u/s 41(1) - liability is being carried ...

Tax Liability Not Ceased: No Evidence Found u/s 41(1) of Income Tax Act; Addition Deleted.

June 17, 2020

Case Laws Income Tax AT

Cessation of liability u/s 41(1) - liability is being carried forward for years and the assessee is not able to completely prove the genuineness of the trading liability - since there is no evidence that there is a cessation of liability during the relevant A.Y, we hold that it cannot be brought to tax u/s 41(1) of the Act during the relevant A.Y. The addition is accordingly deleted

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Cessation of liability u/s 41(1) - liability is being carried ...

Tax Liability Not Ceased: No Evidence Found u/s 41(1) of Income Tax Act; Addition Deleted.

June 17, 2020

Case Laws Income Tax AT

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