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 February 2019 Year 2019 This

Outstanding creditors - cessation/ remission of liability u/s ...


Creditors' Liabilities u/s 41(1): No Payments Made, Creditors Reintroduce Own Money Leading to Confirmed Additions.

February 27, 2019

Case Laws     Income Tax     AT

Outstanding creditors - cessation/ remission of liability u/s 41(1) - no amount stands paid to the creditors – they were introducing their own money - additions confirmed.

View Source

 


 

You may also like:

  1. 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...

  2. Cessation of liability - Additions u/s 41(1) - Unsecured loans received on account of transfer entry made through banking channel - Sundry creditors for more than 4...

  3. 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...

  4. 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...

  5. 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...

  6. Prohibitory order - Order prohibiting creditors to make payment - Recovery of tax u/s 220(1) - HC

  7. Addition u/s 41(1) - Unexplained sundry creditors and advance from customers - No addition can be made under section 41(1) of the Act merely on the basis of doubting the...

  8. Addition u/s 41(1) - sundry creditors pending for more than three years - AO neither made any enquiry or brought any material on record to demonstrate that the liability...

  9. 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...

  10. Where the assessee, due to certain scheme, made premature payment of deferred sales-tax and on such payment entire liability to pay tax stood discharged, section 41(1)...

  11. Addition u/s 41(1) - interest waived by the Bank - The appellant contended that the waiver of liability by the bank should not be chargeable to tax under Section 41(1)...

  12. 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...

  13. Cessation of trading liability U/s 41(1)(a) - Outstanding of creditors even for more than three years cannot be considered as sufficient evidence of cessation of...

  14. 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...

  15. Addition u/s 41(1) on bogus creditors - amount received from 10 parties are not sundry creditors as they have advances for booking of plot of lands of which few have...

 

Quick Updates:Latest Updates