Deemed income - Addition u/s 41(1) - cessation of liability - ...

Income Tax

October 1, 2022

Deemed income - Addition u/s 41(1) - cessation of liability - amount due to partnership firm - The said adjustment of transferring the loan into the capital is between the assessee and the partnership firm. Had the assessee treated it as a part of the capital in the preceding year when the amount was actually withdrawn from the partnership firm, the present situation would not have arrived. - AT

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Deemed income - Addition u/s 41(1) - cessation of liability - ...

Income Tax

October 1, 2022

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