In order to attract provisions of section 41(1)(a), there must be a remission or cessation of the trading liability and consequently a benefit must enure to assessee

DECIDED BY: HIGH COURT OF BOMBAY, IN THE CASE OF: SI Group India Ltd. Vs. ITAT, APPEAL NO: ITA No. 1511 & 1512, DECIDED ON June 10, 2010 ______JUDGMENT________ (Per Dr. D.Y.CHANDRACHUD, J.) : 1. This judgment will govern two appeals instituted by the assessee under Section 260A of the Income Tax Act, 1961 and two petitions under Article 226 of the Constitution. Although several questions are raised in the appeals, for the purposes of these proceedings it would be sufficient to deal with the following question of law on which the appeals are admitted: “Whether on the facts and in the ...