No addition u/s 41(1) of Income Tax Act on ground of Expiration of Limitation Period Alone: ITAT deletes Addition [Read Order]

Addition under section 41(1) cannot be made merely on the basis that the limitation period has expired
By Aiswarya Krishnadas - On March 22, 2024 1:06 pm - 2 mins read
No addition - Income Tax Act - Expiration of Limitation Period Alone - ITAT - taxscan

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the addition as no addition under section 41(1) of the Income Tax Act shall be made solely on the grounds of the expiration of the limitation period. The assessee is a private limited company carrying on the business of trading in hygiene…

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