Waiver of principal amount of loan from private bank cannot be treated as income - ITAT In a recent judgment,…
Singing of the balance sheet itself is construed as acknowledgement of debt. No cessation of liability u/s 41 if trade…
No remission or cessation of liability u/s 41(1) if trading liability is continued to be declared in books of account…
Sundry Creditors written off by debiting to software account was not income as the software purchased was of no use…
Cessation of Liability u/s 41 – Calcutta High Court demystifies the Income TaxLaw ABCAUS Neutral Case Law Citation:ABCAUS 3678 (2023)…
Liability to pay creditors does not ceases merely because assessee could not furnish confirmation of one creditor out of several…
Addition for bogus purchases as unexplained cash credits whether u/s 68 or u/s 41(1) as cessation of liability? No additions…
Addition for Bogus creditors converted into cessation of liability as goods were defective and vendors had not shown amount as…
No addition u/s 41(1) can be made unless liability is written off in accounts. AO has to brought evidence on…
Section 41(1) addition can not be invoked without any material evidence. High Court upheld quashing of addition made on account…