Section 41 (1) of Income Tax Act shall not apply since waiver of loan does not amount to cessation of trading liability: ITAT deletes Addition [Read Order]

By Aparna. M - On September 1, 2023 12:05 pm - 2 mins read
Income Tax Act - waiver of loan - cessation of trading liability - ITAT deletes Addition - loan - trading liability - taxscan

The Income Tax Appellate Tribunal (ITAT)  Delhi bench held that section 41(1) of Income Tax Act, 1961 should not be applied since waiver of loan did not amount to cessation of trading liability. Therefore, the bench deleted the addition made the assessing officer. Assessee Luxor Writing Instruments (P) Ltd filed the appeal against the order…

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