Additional evidence in transfer pricing dispute leads to fresh examination, while tax deductions, TDS credit, fee and refund interest require verifica...
Category II AIF pass-through taxation preserves non-business income character; investment receipts cannot be reclassified without applying recognised ...
Mutual fund maturity rules require proper rollover, redemption, disclosure, and due diligence; investor gains cannot excuse regulatory breaches or pen...
Threshold exemption excludes exempt services, while stamp-paper purchases avoid reverse charge; consequential service tax penalties were also set asid...
Employee conflict disclosures and investment restrictions expand with new recusal duties, post-employment limits, and compliance reporting requirement...
The assessing officer made an addition u/s 41(1) on the grounds that the assessee had ceased trading liabilities, even though the assessee did not respond to notices/summons issued u/ss 133(6)/131. The assessee contended that no remission or cessation of liabilities had occurred and no benefit was received, hence the liability cannot be considered income. The ITAT, relying on the Rajasthan High Court's decision in CIT vs. Narendra Mohan Mathur, held that the onus is on the assessing officer to conclusively prove that the liabilities ceased to exist or the assessee obtained any amount/benefit concerning such liabilities. As the assessing officer failed to discharge this onus, the ITAT directed deletion of the addition made u/s 41(1).
The assessing officer made an addition u/s 41(1) on the grounds that the assessee had ceased trading liabilities, even though the assessee did not respond to notices/summons issued u/ss 133(6)/131. The assessee contended that no remission or cessation of liabilities had occurred and no benefit was received, hence the liability cannot be considered income. The ITAT, relying on the Rajasthan High Court's decision in CIT vs. Narendra Mohan Mathur, held that the onus is on the assessing officer to conclusively prove that the liabilities ceased to exist or the assessee obtained any amount/benefit concerning such liabilities. As the assessing officer failed to discharge this onus, the ITAT directed deletion of the addition made u/s 41(1).
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4811 
Join Channel 
