Addition u/s 41 - Cessation of liability - the liability has not ...

Section 41 Additions Overruled: Liability Transfer to Partner Deemed Valid, Additions Deleted by Court Decision.

January 11, 2020

Case Laws Income Tax AT

Addition u/s 41 - Cessation of liability - the liability has not ceased to exist in true sense in the given facts and circumstances as it has shifted to the partner of the firm who was always otherwise liable for such liability in his personal capacity being partner - Additions deleted.

View Source

← Previous Next →

Addition u/s 41 - Cessation of liability - the liability has not ...

Section 41 Additions Overruled: Liability Transfer to Partner Deemed Valid, Additions Deleted by Court Decision.

January 11, 2020

Case Laws Income Tax AT

You may also like:

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...

Addition u/s 68 OR 41(1) - unexplained cash credit - Cessation of liability - The appellant contested additions to their income, alleging bogus sundry creditors. Despite...

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...

Addition u/s 41(1) - cessation of liability - In light of the precedent set forth in Sugauli Sugar Works, wherein the Supreme Court clarified that the mere lapse of time...

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...

ITAT ruled against treating lease deposits and booking advances as cessation of liability under Section 41(1) of Income Tax Act. The 3 crore lease deposit was temporary,...

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...

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...

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

Addition u/s 41(1) - AO alleged that liability is non-existent - section 41(1) can be invoked provided there is trading liability in existence - in absence of any...

Addition on account of cessation of liability of unsecured loan - assessee was not having trading liability u/s 41(1) of the Act - No additions - AT

Addition u/s 41 - remission/cessation of liability - liability continued from past so many years - merely on the basis of surmises and assumptions it cannot be said that...

Demand u/s 68 read with Section 41(1) - Trading liability - genuineness of the entities against whom trading liabilities have been shown - additions deleted - AT

Cessation of liability u/s. 41(1) of the I.T. Act - The transfer of amount from one account to another which ultimately remained with the firm is not a cessation of...

ITAT reversed additions made under sections 41(1) and 69 of Income Tax Act. Regarding s.41(1), outstanding trade payables to supplier since FY 2011-12 for defective...

Quick Updates: