Loan Waiver Not a Trading Liability Cessation u/s 41(1) of Income Tax Act; No Deduction Claimed u/s 36(1)(iii).

Loan Waiver Not a Trading Liability Cessation u/s 41(1) of Income Tax Act; No Deduction Claimed u/s 36(1)(iii). https://www.taxtmi.com/highlights?id=51512 Addition on account of remission of loan - Section 41(1) of the IT Act does not apply since waiver of loan does not amount to cessation of trading liability. It is a matter of record that the Respondent has not claimed any deduction under Section 36(1)(iii) en-us Fri, 31 Jan 2020 11:39:26 +0530 Fri, 31 Jan 2020 11:39:26 +0530 TaxTMI RSS Generator Loan Waiver Not a Trading Liability Cessation u/s 41(1) of Income Tax Act; No Deduction Claimed u/s 36(1)(iii). https://www.taxtmi.com/highlights?id=51512 Addition on account of remission of loan - Section 41(1) of the IT Act does not apply since waiver of loan does not amount to cessation of trading liability. It is a matter of record that the Respondent has not claimed any deduction under Section 36(1)(iii) Highlights Income Tax Fri, 31 Jan 2020 11:39:26 +0530 https://www.taxtmi.com/highlights?id=51512