Internal Fund Transfers Don't End Liability u/s 41(1) of Income Tax Act; Partners Remain Personally Liable.

Internal Fund Transfers Don't End Liability u/s 41(1) of Income Tax Act; Partners Remain Personally Liable. https://www.taxtmi.com/highlights?id=13560 Cessation of liability u/s. 41(1) of the I.T. Act - The transfer of amount from one account to another which ultimately remained with the firm is not a cessation of liability - The existing partners were personally liable to the old partners as well as to the creditors - AT en-us Wed, 24 Jul 2013 17:29:38 +0530 Wed, 24 Jul 2013 17:29:38 +0530 TaxTMI RSS Generator Internal Fund Transfers Don't End Liability u/s 41(1) of Income Tax Act; Partners Remain Personally Liable. https://www.taxtmi.com/highlights?id=13560 Cessation of liability u/s. 41(1) of the I.T. Act - The transfer of amount from one account to another which ultimately remained with the firm is not a cessation of liability - The existing partners were personally liable to the old partners as well as to the creditors - AT Highlights Income Tax Wed, 24 Jul 2013 17:29:38 +0530 https://www.taxtmi.com/highlights?id=13560