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HomeDirect TaxCapital Introduced From AOP Funds Cannot Be Treated As Cessation Of Liability:...

Capital Introduced From AOP Funds Cannot Be Treated As Cessation Of Liability: ITAT Deletes Addition 

Direct Tax

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By Mariya Paliwala
ITAT

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The Dehradun Bench of the Income Tax Appellate Tribunal (ITAT) has deleted an addition of Rs. 6.45 crore made under Section 41(1) of the Income Tax Act, holding that funds introduced into the business from withdrawals made from an Association of Persons (AOP) cannot be treated as cessation of liability merely because the transactions were…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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