Outstanding creditors cannot be added to income u/s 41(1) even if such creditors are non traceable

0 comments Tuesday, February 11, 2014
 Section 41(1) of the Act would apply in a case where there has been remission or cessation of liability during the year under consideration subject to the conditions contained in the statute being fulfilled. Additionally, such cessation or remission has to be during the previous year relevant to the assessment year under consideration.
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Due date of fiing ITR-V for A.Y. 2009-10,10-11 & 11-12 in refund cases extended to 31.03.2014

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Circular No.. 04/2014, Dated : February 10, 2014

Subject – Non-Filing of ITR-V in returns with refund claims-relaxation of time- limit for filing ITR-V and processing of such returns -regarding.
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