Amount of tax paid which wasn’t refunded can’t be brought to tax on account of cessation of liability

INCOME TAX : Where royalty payable to foreign collaborator claimed as expenditure by assessee was not remitted outside India and liability was ceased, however, TDS and interest was paid on said royalty, amount taxable under section 41(1) would be actual amount obtained by assessee exclusive of tax paid and not refundedINCOME TAX : Where royalty payable to foreign collaborator claimed as expenditure by assessee was not remitted outside India and liability was ceased, however, TDS and interest was paid on said royalty, amount taxable under section 41(1) would be actual amount obtained by assessee exclusive of tax paid and not refundedwww.taxmann.com Latest Case LawsRead More

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