Sec. 41(1) cannot be invoked merely because liability is remained outstanding for more than 3 years

INCOME TAX: Merely because liability had remained outstanding for more than three years and same was not written back in profit and loss account, application of provisions of section 41(1) could not be made to consider such liability as income for year under consideration without there being any remission or cessation of liabilityINCOME TAX: Merely because liability had remained outstanding for more than three years and same was not written back in profit and loss account, application of provisions of section 41(1) could not be made to consider such liability as income for year under consideration without there being any remission or cessation of liabilitywww.taxmann.com Latest Case LawsRead More

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