[aaykarbhavan] Writing off debt unilaterally not taxable under sec. 41(1) if corresponding entry still appears in creditor’s book

Writing off debt unilaterally not taxable under sec. 41(1) if corresponding entry still appears in creditor's book

May 23, 2014[2014] 45 taxmann.com 96 (Calcutta)

IT: Where credit entry was found in ledger of corresponding party, no addition could be made on account of cessassion of liability

IT: Where particulars of expenditure were not considered by assessee, no addition could be made on account of unexplained purchase

 

Regards

Prarthana Jalan

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

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