Only when there is a genuine liability and there is cessation of such liability or it is written off in the books of account, then section 41(1) can be applied.

Validity of addition on the basis of statement recorded of third-party without incriminating material found during search

Landmark Judgement : If loan was not received during the relevant assessment year, no addition can be made under section 68

Validity of Reassessment if there is a failure to disclose fully and truly all material facts

Accountants Salary: Disallowance u/s 40(a)(ia) if Assessee failed to establish employer-employee relationship

Even if the assessee does not maintain books of account, under general principles Assessee is bound to explain the nature and source of a receipt.

Income Tax Raids in Chennai revealed unaccounted purchased of Rs. 150 Cr

Annual General Meeting and its Matters

The use of word “May” in section 68 should be distinguished from the word “Shall”

No addition u/s 68 Sustainable if the creditors are paid in subsequent years through banking channel

No Date Extension? More than 3 cr Returns filed so far

Income Tax Raid in Ahmedabad revealed unaccounted transactions of Rs. 500 Cr

The Controversy settled: Applicability of TDS on Purchase of Coal or Scrap after declaration in Form No. 27C

Faceless Appeal Scheme: Why should we interfere if assesses are happy, asks Bombay HC

Income Tax Raids on a real estate group in Mumbai and Navi Mumbai: No TDS on an amount of Rs. 300 Cr, Digital evidences of Tax evasion etc found

An overview of the provision related to “Transmission of Securities”

Redevelopment Agreement: Benefit received by Flat Owner in Society from developer on redevelopment is not taxable

Raids in Kolkata: Unaccounted income of Rs. 100 Cr detected