![Borrower cannot retain Liability in Subsequent FYs After Lender Writes Off amount in his Accounts: ITAT upholds Addition u/s 41(1) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/11/ITAT-Income-Tax-Appellate-Tribunal-ITAT-Chennai-Section-411-of-the-Income-Tax-Act-Retain-Liability-in-Subsequent-FYs-TAXSCAN.jpg "Borrower cannot retain Liability in Subsequent FYs After Lender Writes Off amount in his Accounts: ITAT upholds Addition u/s 41(1) [Read Order]")
Borrower cannot retain Liability in Subsequent FYs After Lender Writes Off amount in his Accounts: ITAT upholds Addition u/s 41(1) [Read Order]
The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) upheld that an addition made on account of rescission of liability under Section...
![No Material Found during Search: ITAT deletes Addition made by AO u/s 41(1) [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/08/ITAT-Income-Tax-Appellate-Tribunal-ITAT-in-bangalore-AO-Assessing-Officer-Section-411-ITAT-deletes-Addition-TAXSCAN.jpg "No Material Found during Search: ITAT deletes Addition made by AO u/s 41(1) [Read Order]")
![Addition u/s 41(1) of Income Tax Act not Allowable in Absence of Evidence of Cessation of Liability:Â ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/06/ITAT-ITAT-Delhi-Income-Tax-section-411-of-the-Income-Tax-Act-Income-Tax-Act-not-Allowable-Tax-news-Taxscan.jpg "Addition u/s 41(1) of Income Tax Act not Allowable in Absence of Evidence of Cessation of Liability:Â ITAT [Read Order]")
![Income Tax Authorities fails to discuss difference in Sundry Creditors before Confirming Addition u/s 41(1): ITAT remands Matter to AO [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-income-tax-Income-tax-authorities-Sundry-creditors-AO-TAXSCAN.jpg "Income Tax Authorities fails to discuss difference in Sundry Creditors before Confirming Addition u/s 41(1): ITAT remands Matter to AO [Read Order]")
![Section 41(1) of Income Tax Act Cannot Be Invoked for Cessation of Trading Liability Due to Absence of Liability in Books: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/05/ITAT-ITAT-Kolkata-Income-Tax-Section-411-of-Income-Tax-Act-Trading-Liability-Due-Absence-of-Liability-in-Books-Taxscan.jpg "Section 41(1) of Income Tax Act Cannot Be Invoked for Cessation of Trading Liability Due to Absence of Liability in Books: ITAT [Read Order]")
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]
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...
![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]](https://www.taxscan.in/wp-content/uploads/2024/02/ITAT-Bangalore-Income-Tax-Books-of-Account-taxscan.jpg "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]")
No Addition u/s 41(1) of the Income Tax Act as assessee acknowledged liability and reflected the same in its books of account: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi bench held that Addition under Section 41(1) of the Income Tax Act, 1961 should not be invoked since the assessee had acknowledged liability and...
![No Addition u/s 41(1) of the Income Tax Act as assessee acknowledged liability and reflected the same in its books of account: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/No-Addition-Addition-Income-Tax-Act-Income-Tax-Act-as-assessee-acknowledged-liability-and-reflected-the-same-in-its-books-of-account-assessee-books-of-account-ITAT-income-tax-taxscan.jpg "No Addition u/s 41(1) of the Income Tax Act as assessee acknowledged liability and reflected the same in its books of account: ITAT [Read Order]")
ITAT Deletes Estimated Addition made by AO in Hypothetical Way by making Disallowance of Loss claimed by Assessee u/s 41 of Income Tax Act [Read Order]
The Kolkata Bench of Income Tax Appellate Tribunal (ITAT) has deleted the estimated addition made by the Assessing Officer (AO) in a hypothetical way by making disallowance of loss claimed by the...
![ITAT Deletes Estimated Addition made by AO in Hypothetical Way by making Disallowance of Loss claimed by Assessee u/s 41 of Income Tax Act [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/ITAT-Estimated-AO-Hypothetical-Disallowance-Loss-claimed-Assessee-Income-Tax-Act-TAXSCAN.jpg "ITAT Deletes Estimated Addition made by AO in Hypothetical Way by making Disallowance of Loss claimed by Assessee u/s 41 of Income Tax Act [Read Order]")
Provisions of Section 41(1) of Income Tax Act are Attracted Only if Some Trading Liability is Written back: ITAT deletes Addition [Read Order]
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...
![Provisions of Section 41(1) of Income Tax Act are Attracted Only if Some Trading Liability is Written back: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/09/Provisions-Income-Tax-Act-are-Attracted-Trading-Liability-is-Written-back-ITAT-Deletes-Addition-TAXSCAN.jpg "Provisions of Section 41(1) of Income Tax Act are Attracted Only if Some Trading Liability is Written back: ITAT deletes Addition [Read Order]")
Section 41 (1) of Income Tax Act shall not apply since waiver of loan does not amount to cessation of trading liability: ITAT deletes Addition [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi bench held that section 41(1) of Income Tax Act, 1961 should not be applied since waiver of loan did not amount to cessation of trading liability....
![Section 41 (1) of Income Tax Act shall not apply since waiver of loan does not amount to cessation of trading liability: ITAT deletes Addition [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/Income-Tax-Act-waiver-of-loan-cessation-of-trading-liability-ITAT-deletes-Addition-loan-trading-liability-taxscan.jpg "Section 41 (1) of Income Tax Act shall not apply since waiver of loan does not amount to cessation of trading liability: ITAT deletes Addition [Read Order]")
No Evidence of Remission or Cessation of Liability: ITAT deletes Addition of Liability as Profits chargeable to Tax u/s 41(1) [Read Order]
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that no evidence of remission or cessation of liability and deleted the addition of liability as profits chargeable to tax under...
![No Evidence of Remission or Cessation of Liability: ITAT deletes Addition of Liability as Profits chargeable to Tax u/s 41(1) [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/08/Evidence-ITAT-Tax-taxscan.jpeg "No Evidence of Remission or Cessation of Liability: ITAT deletes Addition of Liability as Profits chargeable to Tax u/s 41(1) [Read Order]")
![Unsigned Balance Sheets are not admissible as Evidence: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2020/03/Unsigned-Balance-Sheets-ITAT-Taxscan.jpg "Unsigned Balance Sheets are not admissible as Evidence: ITAT [Read Order]")