[aaykarbhavan] No addition under sec. 41(1) of balance sales tax on prepayment of total sales tax liability

 

No addition under sec. 41(1) of balance sales tax on prepayment of total sales tax liability

February 18, 2015[2015] 54 taxmann.com 161 (Bombay)/[2014] 369 ITR 717 (Bombay)

IT : Where assessee made premature payment of deferred sales tax at Net Present Value against total liability and credited balance amount to its capital reserve account, same could not be remission or cessation of a trading liability under section 41(1)

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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