Addition u/s 41(1) – Revenue's case is that there was no genuine ...

Taxpayer's Liability Dispute: Revenue Claims No Genuine Trading Liability, Section 41(1) Inapplicable for Additions.

February 23, 2013

Case Laws Income Tax HC

Addition u/s 41(1) – Revenue's case is that there was no genuine trading liability incurred by the assessee. Question of remission or cessation thereof would not arise - No addition - HC

View Source

← Previous Next →

Addition u/s 41(1) – Revenue's case is that there was no genuine ...

Taxpayer's Liability Dispute: Revenue Claims No Genuine Trading Liability, Section 41(1) Inapplicable for Additions.

February 23, 2013

Case Laws Income Tax HC

You may also like:

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...

The Trade Circular addresses key interpretative issues regarding Section 128A of the WBGST Act, 2017, clarifying two primary concerns: (1) taxpayers who paid taxes...

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...

Addition u/s 41(1) - addition towards waiver of liability / expenditure claimed earlier - One of the essential requirements of Section 41(1) of the Act is that there...

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...

Demand u/s 68 read with Section 41(1) - Trading liability - genuineness of the entities against whom trading liabilities have been shown - additions deleted - AT

The preliminary assessment u/s 143(1) is limited to processing the return for arithmetical errors, incorrect expense claims, verifying audit reports, deductions, and...

The case pertains to the treatment of income received from an arbitral award in the assessment year. The AO passed an assessment order u/s 143(3) after the case was...

Valuation of excisable goods - genuine factory gate price - No documents have been produced before us by the Revenue to substantiate their claim that goods were not sold...

Online Module for Filing & Tracking Quality Complaints/Trade Disputes relating to International Trade

ITAT affirmed CIT(A)'s directive to grant TDS credit per Form 26AS despite taxpayer's initial failure to claim full credit in tax return due to software technical issues....

Penalty u/s 271(1)(c) - Making an incorrect claim in law cannot tantamount to furnishing inaccurate particulars under Section 271(1)(c) of the Act. Mere making of a...

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...

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 on account of non-genuine creditors u/s 41(1) - scope of section 41(1) - the benefit which he obtains by way of remission or cessation of a trading liability in...

Quick Updates: