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Section 41

Latest Articles


Section 16(4): Will Delayed filing of return cost availability of ITC to Defaulters?

Goods and Services Tax : Explore the critical implications of Section 16(4) of the CGST Act, 2017 on taxpayers' Input Tax Credit (ITC) eligibility and the ...

March 2, 2024 8064 Views 0 comment Print

Strategic Insights into Section 41: with easy to understand examples

Income Tax : Explore the intricacies of Income Tax Section 41, covering allowances, deductions, and financial transactions. Real-world examples...

December 16, 2023 4776 Views 0 comment Print

Tax on Remission of Trading Liability for Assessee under Presumptive Taxation

Income Tax : Whether Remission Of Trading Liability Separately Taxable Where Income From Business Has Been Declared On Presumptive Basis U/S 44...

January 7, 2023 6276 Views 0 comment Print

Liability to deduct section 194R TDS on Benefit or Perquisite in Business or Profession

Income Tax : Any person being Individual/HUF/Company/Firm/LLP etc. providing any benefit or perquisite whether convertible into money or not, i...

July 19, 2022 18054 Views 0 comment Print

Impact of Waiver of Loan or Liability on Depreciation Claim

Income Tax : ISSUE FOR CONSIDERATION When a loan taken for acquiring a depreciable capital asset or a part of the purchase price of such capita...

April 13, 2022 3612 Views 0 comment Print


Latest Judiciary


Addition for unverified creditors under Section 41(1) not automatic: ITAT Kolkata

Income Tax : ITAT Kolkata partly allows Utpal Sarkar’s appeal against DCIT, addressing bogus sundry creditors and inter-unit transactions. Ca...

March 15, 2025 879 Views 0 comment Print

Applicability of Sections 41(1) & 68 on Lease and Booking Advances as Ceased Liabilities – ITAT Ruling

Income Tax : ITAT Nagpur rules in ITO Vs N. Kumar Housing, addressing ₹5.2 crore addition under Sections 41(1) and 68. Liability cessation an...

March 2, 2025 393 Views 0 comment Print

Section 41(1): ITAT deletes addition as Assessee submit evidence of non-Cessation Liabilities

Income Tax : ITAT Kolkata upholds CIT(A)’s decision to delete ₹3.92 crore additions under Section 41(1), ruling no cessation of liabilities...

January 23, 2025 612 Views 0 comment Print

ITAT Remands Case for Verification of Liability under Section 41(1)

Income Tax : ITAT Surat remands case to AO for verification of Rs. 15.71 Lakh liability under Section 41(1) due to lack of evidence of payment ...

December 29, 2024 273 Views 0 comment Print

No Sec 41(1) Addition for Non-Response from Creditors if Payments Made Later

Income Tax : Analysis of Saket Agarwal Vs ITO case (ITAT Jaipur), focusing on the Rs. 3.17 Cr addition of unproved creditors and assessment und...

October 9, 2024 6216 Views 0 comment Print


Latest Notifications


Sea Cargo Manifest and Transhipment (First Amendment) Regulations, 2024

Custom Duty : Stay updated with the latest amendment to the Sea Cargo Manifest and Transhipment Regulations, 2018 by the Central Board of Indire...

March 28, 2024 771 Views 0 comment Print


Latest Posts in Section 41

Addition for unverified creditors under Section 41(1) not automatic: ITAT Kolkata

March 15, 2025 879 Views 0 comment Print

ITAT Kolkata partly allows Utpal Sarkar’s appeal against DCIT, addressing bogus sundry creditors and inter-unit transactions. Case remanded for further verification.

Applicability of Sections 41(1) & 68 on Lease and Booking Advances as Ceased Liabilities – ITAT Ruling

March 2, 2025 393 Views 0 comment Print

ITAT Nagpur rules in ITO Vs N. Kumar Housing, addressing ₹5.2 crore addition under Sections 41(1) and 68. Liability cessation and unexplained cash credits analyzed.

Section 41(1): ITAT deletes addition as Assessee submit evidence of non-Cessation Liabilities

January 23, 2025 612 Views 0 comment Print

ITAT Kolkata upholds CIT(A)’s decision to delete ₹3.92 crore additions under Section 41(1), ruling no cessation of liabilities in AY 2014–15 for Shreekrishan Goswami.

ITAT Remands Case for Verification of Liability under Section 41(1)

December 29, 2024 273 Views 0 comment Print

ITAT Surat remands case to AO for verification of Rs. 15.71 Lakh liability under Section 41(1) due to lack of evidence of payment and TDS deduction.

No Sec 41(1) Addition for Non-Response from Creditors if Payments Made Later

October 9, 2024 6216 Views 0 comment Print

Analysis of Saket Agarwal Vs ITO case (ITAT Jaipur), focusing on the Rs. 3.17 Cr addition of unproved creditors and assessment under Section 41(1).

Only parties to arbitration proceedings can challenge an arbitral award: Delhi HC

July 26, 2024 279 Views 0 comment Print

Delhi High Court rules in Mukesh Udeshi vs Jindal Steel Power Ltd, emphasizing that only parties to arbitration proceedings can challenge an arbitral award.

No Section 41(1) addition if no remission or cessation of liability: ITAT Delhi

June 6, 2024 696 Views 0 comment Print

ITAT Delhi rules against Section 41(1) addition when no cessation of liability occurs, directing cancellation of a demand in the case of Late Sh. Mahender Kumar Mittal vs. ITO.

Section 41(1) cannot be invoked without liability in books: ITAT Kolkata

May 27, 2024 615 Views 0 comment Print

Dive into the detailed analysis of Syama Prasad Mookerjee Port’s case against DCIT at ITAT Kolkata regarding Section 41(1) of the Income Tax Act. Understand why cessation of trading liability cannot be invoked without liability in books.

Drawback & ROSCTL Benefit Cannot be Denied for Procedural Lapse in circular

April 23, 2024 1233 Views 0 comment Print

Lovy International challenged rejection of Drawback to ROSCTL conversion. CESTAT Delhi ruled CBEC Circular time limit invalid. Detailed analysis here.

Sea Cargo Manifest and Transhipment (First Amendment) Regulations, 2024

March 28, 2024 771 Views 0 comment Print

Stay updated with the latest amendment to the Sea Cargo Manifest and Transhipment Regulations, 2018 by the Central Board of Indirect Taxes and Customs (CBIC)

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