2018 (12) TMI 1636 - HC - Income Tax

Addition u/s 41(1) - liabilities written off and offered as income in subsequent years - HELD THAT - Substantial question of law admitted - whether Income Tax Appellate Tribunal was justified in upholding the addition under section 41(1) of the Income Tax Act 1961 in respect of liabilities written off and offered as income in subsequent years?

Summary

The Gujarat High Court, in 2018, considered a case where the Income Tax Appellate Tribunal failed to review ledgers of creditors written off and offered as income for financial years 2013-14, 2014-15, and 2016-17. The Court admitted the case and identified two substantial questions of law related to the addition under section 41(1) of the Income Tax Act, 1961.