PMLA anticipatory bail requires satisfaction of twin conditions, while predicate-offence protection does not extend to independent money-laundering pr...
School-affiliation charges remain taxable where not directly connected with examinations, while extended limitation requires proof of deliberate tax e...
Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
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Section 41(1) did not apply where funds received from an AOP were credited to the assessee's personal bank account and later introduced into the business as capital. The ITAT noted that the Assessing Officer had treated the receipt as cessation of liability merely because it was not reflected in the proprietary concern's books, but the account confirmation, bank statement and debit balance with the AOP showed that the amount was received in the assessee's personal capacity. As the essential condition of cessation of liability was absent, the addition under Section 41(1) was unsustainable and was deleted.
Section 41(1) did not apply where funds received from an AOP were credited to the assessee's personal bank account and later introduced into the business as capital. The ITAT noted that the Assessing Officer had treated the receipt as cessation of liability merely because it was not reflected in the proprietary concern's books, but the account confirmation, bank statement and debit balance with the AOP showed that the amount was received in the assessee's personal capacity. As the essential condition of cessation of liability was absent, the addition under Section 41(1) was unsustainable and was deleted.
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