#Section 41
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162 articlesIncome Tax
Income Tax
Treatment of Cessation of Liabilities – Section 41 – Case Laws
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Waiver of loan for acquiring capital assets not amount to cessation of trading liability
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No Cessation of liability if Amount forfeited is subject matter of civil suit and cannot be taxed
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Addition U/s. 41(1) cannot be made for Amount not paid due to long pending dispute
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Section 41(1) not applies if amount was not claimed in earlier year
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Section 41(1) cannot be invoked by revenue without showing that such liability had, in fact, ceased to exist
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Section 41(1) not apples if loan waiver not amounts to cessation of trading liability
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Waiver of loan taken on capital account cannot be taxed U/s. 41(1)
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Cessation of liability U/s. 41(1) cannot be presumed, merely because liability remained unpaid for a period of 3 years
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Non recovery of debtors for almost 3 years is sufficient reason to write off and claim as revenue loss
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Section 41(1) includes remission or cessation of any liability by a unilateral act
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Addition U//s 41(1) not justified for creditors paid in subsequent years
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Large amount spent on repair and maintenance having no enduring benefit allowable as expense
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