#Section 41
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Income Tax
Income Tax
Cessation of liability U/s. 41(1) cannot be presumed, merely because liability remained unpaid for a period of 3 years
Income Tax
Income Tax
Non recovery of debtors for almost 3 years is sufficient reason to write off and claim as revenue loss
Income Tax
Income Tax
Section 41(1) includes remission or cessation of any liability by a unilateral act
Income Tax
Income Tax
Addition U//s 41(1) not justified for creditors paid in subsequent years
Income Tax
Income Tax
Large amount spent on repair and maintenance having no enduring benefit allowable as expense
Income Tax
Income Tax
No cessation of liability merely because amount is outstanding for several years
Income Tax
Income Tax
Surplus/Savings arising on prepayment of deferred sales tax not taxable u/s (iv)
Income Tax
Income Tax
Waiver of loan taken for acquiring a capital asset is taxable
Income Tax
Income Tax
Sec. 41(1)-Cessation of liability on capital account not taxable
Income Tax
Income Tax
Mere Lien over payment due to pending dispute does not result in cessation of trading liability u/s 41(1)
Income Tax
Income Tax
Bogus Purchase- Mere Adjustment in Purchase without disturbing Sales not Justified
Income Tax
Income Tax
In absence of any unilateral or bilateral w/off, no addition sustainable on account of cessation of liability
Income Tax
Income Tax
No Penalty for Doubtful addition U/s. 41(1) of Income Tax Act, 1961
Income Tax
Income Tax
If creditors are found bogus then addition can be made u/s 68 or u/s 41(1)
Explore the latest Section 41 updates on TaxGuru, including relevant Income-tax Act provisions, rules, notifications, circulars, judicial decisions and compliance guidance. The coverage highlights important tax positions, procedural requirements, assessments, deductions, penalties and litigation developments to help taxpayers and professionals understand the practical implications of changes in income-tax law.
