Unless there is positive act on part of creditor in current year providing benefit to assessee by way of remission, outstanding credit liability cannot be held to have been remitted in favour of assessee

IN THE ITAT AHMEDABAD BENCH ‘B’

Income-tax Officer, Ward 1(1), Surat

v.

Bhavesh Prints (P.) Ltd.

BHAVNESH SAINI, JUDICIAL MEMBER

AND D.C. AGRAWAL, ACCOUNTANT MEMBER IT APPEAL NO. 1302 (AHD.) OF 2010