No Cessation of Liabilities Even if Creditors Not Available !

Print Friendly, PDF & Email

Cessation of trading liabilities¬† can be treated as income of assessee under section 41(1) of the Income Tax Act in the assessment year in which such liability ceased to exist. However the question when the said liability ceased to exist is a debatable questions and often revenue department and the assessee are at loggerheads at…

This content is for annual and Semi Annual members only.
Log In Register