Section 41(1) of Income Tax Act: Remission of Liability Only Applies to Unpaid Amounts, Not Those Already Settled by Assessee.

Section 41(1) of Income Tax Act: Remission of Liability Only Applies to Unpaid Amounts, Not Those Already Settled by Assessee. https://www.taxtmi.com/highlights?id=27124 Addition u/s 41(1) - it is undisputed fact that the remission of liability would be only of the amount payable and not of the amounts paid by the assessee. These amounts cannot be brought to tax, as the remission of liability, as there is no remission of liability of the amount already paid by the assessee. - AT en-us Sat, 30 Jan 2016 11:19:49 +0530 Sat, 30 Jan 2016 11:19:49 +0530 TaxTMI RSS Generator Section 41(1) of Income Tax Act: Remission of Liability Only Applies to Unpaid Amounts, Not Those Already Settled by Assessee. https://www.taxtmi.com/highlights?id=27124 Addition u/s 41(1) - it is undisputed fact that the remission of liability would be only of the amount payable and not of the amounts paid by the assessee. These amounts cannot be brought to tax, as the remission of liability, as there is no remission of liability of the amount already paid by the assessee. - AT Highlights Income Tax Sat, 30 Jan 2016 11:19:49 +0530 https://www.taxtmi.com/highlights?id=27124