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Business Income

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(Querist)
11 March 2009 Unilateral write off of trading liability. Whether constitutes business income?
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M KRISHNAKUMAR

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M KRISHNAKUMAR (Expert)
11 March 2009 unilateral write off of trading liability will not constitute business income. for Sec 41(1) to attract the confirmation of the creditor writing off the same is required
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CA Devanshi Gandhi (Ajani)

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CA Devanshi Gandhi (Ajani) (Expert)
11 March 2009 i agree with the expert.




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