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Unilateral remission/cessation of liability by assessee will amount to obtaining of benefit under section 41(1)
Case Law Details
- Case Name
- Aey Gee Bros Vs. ITO (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Mumbai
RELEVANT PARAGRAPH
15. We have considered the rival submissions and also perused the relevant material on record. It is observed that the amount of liability in question in respect of TISCO written back by the assessee company in its accounts was treated by the authorities below as its income by applying the provisions of section 41(1). There is no dispute that the such liability represented the trading liability of the assessee and as declared by the assessee itself in the return of income, there was remission or recession of the said liability during the year under consideration. The said li...
