Home Highlights September 2012 Year 2012 This

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1. Additions u/s 41(1) - There cannot be cessation of liability twice - Therefore, when as per Explanation (1) there would be cessation of liability in the FY 2012-13 i.e....

2. Additions against Cessation of liability u/s.41(1) - there was nothing on record to show that there was any remission or cessation of such liability. Under the...

3. 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

4. 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...

5. 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)...

6. Addition u/s 41(1) on account of cessation of liability – there could be no cessation of liability solely on the ground that it is over three years old - AT

7. Cessation of liability u/s 41(1) - As per the explanation, the remission or cessation of any liability by a unilateral Act, is covered u/s.41(1) - additions confirmed - AT

8. 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...

9. 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...

10. Addition u/s 41 - remission or cessation of liability - when the software library was capitalized, it cannot be said that any benefit or remission or cessation of...

11. 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...

12. 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...

13. 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...

14. 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...

15. 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.