section 41(1)

  • Income Tax

Advances converted into reserves not cessation of liability u/s 41(1). Pre-conditions / Tests to be applied

Advances converted into reserves not cessation of liability u/s 41(1). Pre-conditions / Tests to be applied for applicability of the…

7 years ago
  • Income Tax

Addition for liability existing in balance sheet u/s 41(1). CIT(A) had no locus standi to enhance assessment – ITAT

Addition for liability existing in balance sheet u/s 41(1). CIT(A) had no locus standi to enhance the assessment for the…

7 years ago
  • Income Tax

No creditor’s liability cessation u/s 41(1) for an entry outstanding in books over the years and not been challenged in the initial year of such entry

ITAT Amritsar, in a recent judgment, has held that no conclusion of cessation of creditor's liability u/s 41(1) can be…

8 years ago