Invoking Section 41(1) - entries in the books of account of the ...

Taxpayer's Book Entries Acknowledge Debt Under Income Tax Act, Extending Liability Period Per Limitation Act Section 18.

September 21, 2015

Case Laws Income Tax AT

Invoking Section 41(1) - entries in the books of account of the assessee would amount to an acknowledgment of the liability within the meaning of section 18 of the Limitation Act, 1963, and extend the period of limitation for the discharge of the liability as debt - not a case of cessation of liability - AT

View Source

← Previous Next →

Invoking Section 41(1) - entries in the books of account of the ...

Taxpayer's Book Entries Acknowledge Debt Under Income Tax Act, Extending Liability Period Per Limitation Act Section 18.

September 21, 2015

Case Laws Income Tax AT

You may also like:

Addition u/s 68 - accommodation entry - issue of shares for consideration other than 'cash' - "Adjustment by way of book entry" can only be in the case where there is...

Disallowance of bad debts u/s 36(1) - The non-realisation of debt can result in bad debt written off if the same is written off in the books. Since it is not the case...

Admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016, concerning the classification of a debt as a Financial Debt within the meaning of...

Depreciation - Disallowance of amount released from reserves account under normal computation of income - The net result of the accounting entries passed in the books of...

The assessee had been following the mercantile system of accounting, wherein book profits are taken for tax assessment, though credit or debit amounts may not be...

Corporate debtor defaulted in repaying financial debt owed to financial creditor. NCLAT dismissed appeal, upholding orders of adjudicating authority. Transaction...

Initiation of CIRP - Period of limitation - It is clear that on the day of filing the petition U/S 7 of the Code, there was a subsisting liability on the corporate...

MAT computation u/s 115JB - In this case, the assessee had incurred business loss / depreciation losses as per books in the AYs 1999-00 & 2000-01 & AYs 2011-12 & 2012-13...

Demand of interest u/s 50 - default in filing the Return - The High court acknowledged that while the liability to pay interest is automatic, the quantification cannot...

Addition u/s 68 - non maintenance of books of accounts - There was no actual credit of cash or otherwise received by the assessee. No entries are made in the books of...

Prior period expenditure - when prior period income is taxed prior period expenditure cannot be disallowed - AT

ITAT ruled that under mercantile accounting, income accrues only when there exists a legal right to receive it, not merely based on book entries. In the disputed case,...

MAT - computation of income u/s 115JB - unabsorbed depreciation and book loss furnished by the assessee for computation of Book Profit u/s 115JB - adjudicating...

Dishonor of cheque - presumption that cheque was issued in discharge of legal liability, burden on accused to prove contrary. Supreme Court observations: While deciding...

Additions u/s 41(1) for cessation of liability - simply because the liability is outstanding for quite some years the liability does not seize to exist - mere entry in...

Quick Updates: