Unilateral remission/cessation of liability by assessee will amount to obtaining of benefit under section 41(1)

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 i

Please become a Premium member. If you are already a Premium member, login here to access the full content.