Debt does not Cease to Exist when there is no Writing in Books of Account, no Cessation of Liability u/s 41(1) of Income Tax Act: ITAT [Read Order]
Debt does not cease to exist when there was no writing in books of account, no cessation of liability under Section 41(1) of the Income Tax Act, 1961, rules, ITAT
The Bangalore bench of the Income Tax Appellate Tribunal ( ITAT ) observed that debt does not cease to exist when there was no writing in books of account, no Cessation of Liability under Section 41(1) of the Income Tax Act, 1961 The counsel for the aseessee Tanmayee Rajkumar argued that simply recording a liability…
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