Provisions of Section 41(1) of Income Tax Act are Attracted Only if Some Trading Liability is Written back: ITAT deletes Addition [Read Order]

By Fathima Karama A.M - On September 7, 2023 6:30 am - 2 mins read

Provisions - Income Tax Act are Attracted - Trading Liability is Written back - ITAT Deletes Addition - TAXSCAN

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted addition holding that the provisions of Section 41(1) of the Income Tax Act would be attracted only if some trading liability has been written back. In assessee’s case (Shriram Industries Ltd) additions had been made by the AO in A. Y. 2005-06 is regarding…

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Topics

G S Pannu Income Tax Act ITAT ITAT Delhi Judicial Member Amit Shukla liability section 41(1) of the Income Tax Act