Extended limitation fails without specific suppression allegations, while overseas employee secondment remains taxable as manpower supply within norma...
Time-share accommodation classification excludes Club or Association Service where purchasers receive contractual occupancy rights without genuine mem...
CENVAT credit for trading requires reversal, while taxable-service rental credit remains proportionately available and limitation issues await resolut...
Vicarious liability for dishonoured company cheques may extend to non-signatory directors where complaints contain foundational responsibility avermen...
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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