Provisions of Section 41(1) cannot apply when liability is still payable to Sundry Creditor and not written off in Books of Account: ITAT [Read Order]

liability - still - payable - Books - of - Account - ITAT - TAXSCAN

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT), held that Provisions of section 41(1) of the Income Tax Act, 1961 cannot apply when liability is still ‘payable’ to sundry creditor and not written off in books of account. The assessee, Simu Sonthalia is engaged in carrying on business in manufacturing of BOPP Self…

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