section 41(1) Archives

Members Qualifications required for NCLAT -National Company LAppellate Tribunal

By CA Satbir Singh | June 18, 2016

Section – 411 of Companies Act, 2013 Enforced with effect from 12-9-2013. Qualifications of Chairperson and Members of Appellate Tribunal. 411. (1) The Chairperson shall be a person who is or has been a Judge of the Supreme Court or the Chief Justice of a High Court. (2) A Judicial Member shall be a person… Read More »

Section 41(1) Pay tax if Creditors did not demand payment

By CA Satbir Singh | August 11, 2015

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Question: Does the liability of the Assessee ceased to exist, when the Sundry Creditors did not demand payments from more than 10 years, and hence this liability has to be added under section 41(1) and the tax has to be paid on it ? Answer Yes , During assessment proceedings, Assessing Officer asked assessee to… Read More »