Addition u/s 41(1)(a) - cessation of trading liability - the ...

Section 41(1)(a) of Income Tax Act: Cessation of Trading Liability Affects Taxable Income, Accounting Method Irrelevant.

January 14, 2019

Case Laws Income Tax AT

Addition u/s 41(1)(a) - cessation of trading liability - the method of accounting, cash or mercantile, adopted by the assessee is also irrelevant as far as section 41(1) is concerned, so that as soon as the assessee is found to have benefited from the remission or cessation of a trading liability, allowed in an earlier year, the provision would get attracted.

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Addition u/s 41(1)(a) - cessation of trading liability - the ...

Section 41(1)(a) of Income Tax Act: Cessation of Trading Liability Affects Taxable Income, Accounting Method Irrelevant.

January 14, 2019

Case Laws Income Tax AT

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