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Section 41_urgent

This query is : Resolved 
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(Querist)
14 May 2014 Dear Sir/Madam,

There is a cessation of liability after the Balance sheet date(31/3/2013) but before signing the auditor report.Will this cessation will be charged to tax under the AY 14-15 or in AY 15-16 though the section says the year in which the liability ceased.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
15 May 2014 for tax purposes, books of accounts are not the final evidence of cessation of liability. So even if the auditor accounts for the same on 31 March whereas the actual cessation happened after that date, for income tax purposes, it should be taxed in next year.
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