Section 41(1) of Income Tax Act Cannot Be Invoked for Cessation of Trading Liability Due to Absence of Liability in Books: ITAT [Read Order]
The absence of any liability in the books of accounts, provisions of Section 41(1) of the Income Tax Act cannot be invoked as the same refers to cessation of trading liability
The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) ruled that absence of liability in books of account, provision of Section 41(1) of Income Tax Act, 1961 cannot be invoked as cessation of trading liability. The assessment Year 2020-21, pertains to the addition under Section 41(1) of the Income Tax Act at…
Your free access to Taxscan has Expired
To read the article, get a premium account.
Taxscan Premium
Why should you subscribe?
Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
