Friday, December 18, 2020

Waiver of loan which was never claimed as expenditure couldn't amount to cessation of trading liability

INCOME TAX : Where loan amount was never claimed by assessee as expenditure, waiver of same could not amount to cessation of trading liability and was not chargeable to tax under section 41(1)

from www.taxmann.com Latest Case Laws https://ift.tt/34oQ775
-
Labels:

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)

AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

INCOME TAX : Where assessee had purchased a flat and incurred expenditure of Rs. 23 lakhs for purpose of renovating house and Assessing Offi...