Home Highlights January 2012 Year 2012 This

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1. Levy of penalty u/s 271(1)(c) - The assessee clearly had a bonafide explanation for not adding the unpaid tax liabilities to its income since it was contesting the very...

2. Cessation of liability u/s 41(1) - conversion of the loan as well as the unpaid interest into share capital - when there was no writing off of liabilities and only the...

3. 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...

4. Addition u/s 41(1) on account of presumed remission of liability - unless there is a cessation of liability, income cannot be added as per the provisions of Section 41(1) - AT

5. Addition u/s. 41(1) - deeemed cessations of creditors - The conduct of both the parties clearly demonstrates the remission of the amounts. The amounts which were...

6. 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...

7. 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...

8. The ITAT ruled on two issues: 1. Disallowance of Business Promotion Expenses: AO disallowed expenses for a get-together, citing lack of proof of business purpose. CIT(A)...

9. Addition u/s 41(1) - benefit by way of remission or cessation of liability - In the instant case, the first mentioned person is the assessee, but not the creditor. In...

10. No addition u/s 41(1) can be made merely on the ground that the debts remained unpaid in the appellants’ books for a number of years and no presumption can be made that...

11. The assessing officer made an addition u/s 41(1) on the grounds that the assessee had ceased trading liabilities, even though the assessee did not respond to...

12. Penalty u/s 271(1)(c) - disallowance u/s. 36(1)(iii) - In fact, the assessee at the time of assessment proceedings has given a detailed calculation related to interest...

13. 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...

14. Penalty u/s 271(1)(c) - accrual of income for assessee society - In assessee`s appeal assessing officer treated contribution towards welfare Fund and Hospital Fund as...

15. Additions u/s 41(1) - Waiver of loan amount - The provisions of section 41(1) are attracted only if some trading liability is written back. - No addition can be made u/s...