https://www.taxtmi.com/caselaws?id=375958 The Tribunal dismissed the revenue's appeal, affirming the deletion of the addition under section 41(1) of the Income Tax Act for outstanding share application money. The judgment emphasized that the provision was wrongly applied as the share application money was a capital receipt, not a deductible expense. Therefore, the Assessing Officer's decision to invoke section 41(1) was incorrect. The Tribunal upheld the order of the Commissioner of Income Tax, highlighting the nature of the receipt as capital and not subject to section 41(1) of the Act. en-us Wed, 28 Nov 2018 00:00:00 +0530 Thu, 28 Feb 2019 07:00:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375958 The Tribunal dismissed the revenue's appeal, affirming the deletion of the addition under section 41(1) of the Income Tax Act for outstanding share application money. The judgment emphasized that the provision was wrongly applied as the share application money was a capital receipt, not a deductible expense. Therefore, the Assessing Officer's decision to invoke section 41(1) was incorrect. The Tribunal upheld the order of the Commissioner of Income Tax, highlighting the nature of the receipt as capital and not subject to section 41(1) of the Act. Case-Laws Income Tax Wed, 28 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375958