Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
Goods Transport Agency services via e commerce portals: consignment note creates custody and liability and enables exemption for unregistered recipien...
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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