Transferee Can Deduct Assumed Liabilities if Payment is Made, Per Income Tax Act Section 40(a) Provisions. https://www.taxtmi.com/highlights?id=223 Transferee of the business should be eligible to claim deduction the liability taken over from the transferor for which payment was made by transferee S.40(a) en-us Tue, 19 Jul 2011 18:27:49 +0530 Tue, 19 Jul 2011 18:27:49 +0530 TaxTMI RSS Generator Transferee Can Deduct Assumed Liabilities if Payment is Made, Per Income Tax Act Section 40(a) Provisions. https://www.taxtmi.com/highlights?id=223 Transferee of the business should be eligible to claim deduction the liability taken over from the transferor for which payment was made by transferee S.40(a) Highlights Income Tax Tue, 19 Jul 2011 18:27:49 +0530 https://www.taxtmi.com/highlights?id=223