Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights March 2017 Year 2017 This

Addition u/s 41 - creditor was in dispute - When the matter is ...


Section 41: No Addition Made as Assessee Not Required to Confirm Disputed Creditor Claims in Sub-Judice Matters.

March 7, 2017

Case Laws     Income Tax     AT

Addition u/s 41 - creditor was in dispute - When the matter is in dispute and sub-judice assessee cannot be expected to get a confirmation from the creditor - No addition - AT

View Source

 


 

You may also like:

  1. ITAT ruled against the validity of reassessment proceedings where additions were made under section 41(1) for remission/cessation of liability. While the original notice...

  2. Addition @ 0.55% of closing balances of creditors and debtors as bogus - If the AO is not satisfied about the books of the assessee,he can reject the same and make an...

  3. Assessee challenged addition on account of unproved sundry creditors u/s 41(1), contending evidence of liability cessation was provided. AO held assessee failed to prove...

  4. Addition u/s 41(1) - addition towards waiver of liability / expenditure claimed earlier - One of the essential requirements of Section 41(1) of the Act is that there...

  5. 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...

  6. Addition under sec.41(1) on account of cessation of liability - assessee has no explanation to prove that the creditors in its books of account are genuine - additions...

  7. The ITAT Kolkata held that the addition on a protective basis made by the Assessing Officer in the hands of the assessee, concerning a loan received from a director and...

  8. 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...

  9. The assessee company had shown the liability as outstanding amounts payable to three disputed creditors in its balance sheet as of 31.03.2015. The assessee provided...

  10. Addition applying the provisions of Section 41(1) and Section 68 - the statement of the creditors were accepted, after granting substantial opportunity to the assessee,...

  11. Addition u/s 41(1) - Cessation of liability for sundry creditors - assessee failed to prove the credit balance of these two parties - Assessee has duly acknowledged its...

  12. CIRP - Rejection of Section 9 Application on the ground of pre-existing dispute - The dispute stemmed from services provided by the Operational Creditor to the Corporate...

  13. Addition u/s 41 - Cessation of liability - Addition of amount of stale drafts not claimed for more than three years and the claim for which had become barred by...

  14. Addition u/s. 41(1) - Difference between the amount payable as per books of accounts and amount as per the confirmation received from the creditor - The High Court...

  15. Addition u/s 41(1) - long outstanding balances in sundry creditors accounts - AO made the additions, since the assessee has not shown any steps have been taken for...

 

Quick Updates:Latest Updates