Income Tax Act: Assessee's Liability Not Written Off, Section 41(1) & 28(iv) Considered; Liability Exists in Books.

Income Tax Act: Assessee's Liability Not Written Off, Section 41(1) & 28(iv) Considered; Liability Exists in Books. https://www.taxtmi.com/highlights?id=15725 Addition u/s. 41(1) read with section 28(iv) of the Act - the liability has been acknowledged by the assessee. Since amount has not been written off by the assessee in its books of account, it cannot be said that the liability has ceased to exists - AT en-us Tue, 12 Nov 2013 10:55:25 +0530 Tue, 12 Nov 2013 10:55:25 +0530 TaxTMI RSS Generator Income Tax Act: Assessee's Liability Not Written Off, Section 41(1) & 28(iv) Considered; Liability Exists in Books. https://www.taxtmi.com/highlights?id=15725 Addition u/s. 41(1) read with section 28(iv) of the Act - the liability has been acknowledged by the assessee. Since amount has not been written off by the assessee in its books of account, it cannot be said that the liability has ceased to exists - AT Highlights Income Tax Tue, 12 Nov 2013 10:55:25 +0530 https://www.taxtmi.com/highlights?id=15725