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Section 41

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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 5940 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 1848 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 5394 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 16902 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 3267 Views 0 comment Print


Latest Judiciary


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

Custom Duty : Lovy International challenged rejection of Drawback to ROSCTL conversion. CESTAT Delhi ruled CBEC Circular time limit invalid. Det...

April 23, 2024 603 Views 0 comment Print

Section 41(1) Addition Not Permissible Solely Due to Lapse of Limitation Period: ITAT Mumbai

Income Tax : ITAT Mumbai rules in favor of Ecokrin Hygiene Pvt. Ltd., deleting additions under section 41(1) of the Income Tax Act solely based...

March 23, 2024 918 Views 0 comment Print

Old provisions of section 148 including TOLA cannot be applied to new regime: Calcutta HC

Income Tax : Calcutta High Court held that the provisions of old regime of Section 148 of the Income Tax Act (including TOLA) cannot be applied...

February 20, 2024 1722 Views 0 comment Print

Bill of Entry Amendment Before Final Assessment Valid u/s 149 of Customs Act

Custom Duty : Read about CESTAT Ahmedabad ruling in Indian Farmers Fertiliser Co Operative Ltd Vs C.C. Kandla, allowing amendment on bill of ent...

February 15, 2024 279 Views 0 comment Print

Arbitration Reference Doesn’t Bar Examination of Stamp Duty issues in Writ: Delhi HC

Corporate Law : Delhi High Court clarifies that referring disputes to arbitration doesn't prevent examination of stamp duty issues in writ petitio...

February 14, 2024 186 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 417 Views 0 comment Print


Latest Posts in Section 41

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

April 23, 2024 603 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 417 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)

Section 41(1) Addition Not Permissible Solely Due to Lapse of Limitation Period: ITAT Mumbai

March 23, 2024 918 Views 0 comment Print

ITAT Mumbai rules in favor of Ecokrin Hygiene Pvt. Ltd., deleting additions under section 41(1) of the Income Tax Act solely based on the expiration of the limitation period.

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

March 2, 2024 5940 Views 0 comment Print

Explore the critical implications of Section 16(4) of the CGST Act, 2017 on taxpayers’ Input Tax Credit (ITC) eligibility and the consequences of delayed return filings.

Old provisions of section 148 including TOLA cannot be applied to new regime: Calcutta HC

February 20, 2024 1722 Views 0 comment Print

Calcutta High Court held that the provisions of old regime of Section 148 of the Income Tax Act (including TOLA) cannot be applied to new regime applicable from 01.04.2021. Accordingly, impugned notices quashed being barred by limitation.

Bill of Entry Amendment Before Final Assessment Valid u/s 149 of Customs Act

February 15, 2024 279 Views 0 comment Print

Read about CESTAT Ahmedabad ruling in Indian Farmers Fertiliser Co Operative Ltd Vs C.C. Kandla, allowing amendment on bill of entry u/s 149 of Customs Act before final assessment.

Arbitration Reference Doesn’t Bar Examination of Stamp Duty issues in Writ: Delhi HC

February 14, 2024 186 Views 0 comment Print

Delhi High Court clarifies that referring disputes to arbitration doesn’t prevent examination of stamp duty issues in writ petitions. Learn about the court’s stance on stamp duty in legal documents.

No Cessation of Liability u/s 41(1) as debt not written off in books

February 12, 2024 834 Views 0 comment Print

ITAT Bangalore held that unless the debt has been written off in the books of accounts of both the assessees, it cannot be said that that cease to exist.

HC upheld addition of Suspicious Loan under Section 68 instead of under Section 41(1)

January 16, 2024 516 Views 0 comment Print

Explore Delhi High Court’s ruling on Section 41(1) of the Income Tax Act in Valley Iron and Steel Co. Ltd. vs. PCIT. Detailed analysis and implications of the judgment.

Sundry Creditors arising out of Hawala-Linked Bogus Purchases: Income Tax Treatment 

January 5, 2024 6687 Views 0 comment Print

Explore ITAT Mumbai’s order on sundry creditors from bogus purchases. Learn about tax implications, sections 68 and 41(1), and the importance of accepted transactions.

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