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Unclaimed creditors to be added to Income u/s 41, even if the same is not written back in Income statement
Case Law Details
- Case Name
- M/s. West Asia Exports & Imports Vs. ACIT (Madras High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2003-04
- Courts
- All High Courts, Madras High Court
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M/s. West Asia Exports & Imports Vs. ACIT (Madras High Court)
We know that Sec 41(1) of Income Tax Act 1961, where there is cessation of any trading liability then the benefit accruing on account of cessation of such liability will be deemed to profits and gains of business or profession whether or not such business or profession is in existence.
In the case of M/S. West Asia Exports & Imports vs Assistant Commissioner of Income Tax, Chennai, on 11.03.2019 Madras high court decided that in order to attract sec 41(1) it is not mandatory that such liability should be credited back to pr...
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