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of <h1>Amendment to Income-tax Act: New Explanation 1 in Section 41 Defines Liability Remission Effective April 1, 1997.</h1> In the Finance (No. 2) Act, 1996, an amendment to section 41 of the Income-tax Act is introduced. The existing Explanation under sub-section (1) is renumbered as Explanation 2. A new Explanation 1 is inserted, effective from April 1, 1997. Explanation 1 clarifies that 'loss or expenditure or some benefit in respect of any such trading liability by way of remission or cessation thereof' includes the remission or cessation of any liability through a unilateral act by the first person or the successor in business, such as writing off the liability in their accounts.
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