Sec 41(1)

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akshay soni (Querist)
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30 December 2015 if one person records liability toward another person and second party does not record debtor for such transactions (suppose 2 party forgot to record such transactions).. and now 1 party sec 41(1) and as per unilateral basis he considered cessation of such expenses.. can first party claim that??

Amol S Joglekar

Amol S Joglekar (Expert)
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30 December 2015 Accounting policy may differ from business to business and from person to person. But the TRANSACTION can not differ. It will remain same in both the cases. Merely because one party has unilaterally considered the cessation of expenses does NOT entitle the other party to do so.

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