Additions u/s 41(1) - Cessation of liability - Freezer Deposit ...

Freezer Deposits as Lapsed Liabilities: Annual Assessment Required for Non-Refundable Amounts Under Income Tax Act.

December 29, 2023

Case Laws Income Tax AT

Additions u/s 41(1) - Cessation of liability - Freezer Deposit (security deposit) considered as lapsed liability u/s 41(1) - termination of agreement - The exercise is to be carried out at each year-end, determining the deposit amounts no longer refundable. There being no dispute on quantum at any stage, we have no hesitation in according our approval to the impugned addition. - Income is liable to be taxed for the right year, and it being taxed in another year is no ground for it being not brought to tax for the right year - AT

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Additions u/s 41(1) - Cessation of liability - Freezer Deposit ...

Freezer Deposits as Lapsed Liabilities: Annual Assessment Required for Non-Refundable Amounts Under Income Tax Act.

December 29, 2023

Case Laws Income Tax AT

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