No cessation of liability if proceedings for recovery of amount from assessee were pending before court: ITAT

INCOME TAX : Where assessee did not make payment for goods purchased from parties, as same were of inferior quality and treated said parties as trading liabilities, since proceedings against assessee for recovery with respect to these amounts were still in progress, such amount could not be treated as ceased liabilities under section 41(1)(a)INCOME TAX : Where assessee did not make payment for goods purchased from parties, as same were of inferior quality and treated said parties as trading liabilities, since proceedings against assessee for recovery with respect to these amounts were still in progress, such amount could not be treated as ceased liabilities under section 41(1)(a)www.taxmann.com Latest Case LawsRead More

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