https://www.taxtmi.com/caselaws?id=65663 Section 41(1) was held not to apply where outstanding liabilities were written off only by a unilateral entry in the assessee's books during the assessment year. The record did not show any cessation or remission of liability in that year, and mere accounting treatment, without corresponding release of the debt, was insufficient to trigger deemed income under the provision. On that basis, the addition was not sustainable for the year under appeal. en-us Tue, 12 Sep 2000 00:00:00 +0530 Fri, 18 Feb 2011 12:25:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65663 Section 41(1) was held not to apply where outstanding liabilities were written off only by a unilateral entry in the assessee's books during the assessment year. The record did not show any cessation or remission of liability in that year, and mere accounting treatment, without corresponding release of the debt, was insufficient to trigger deemed income under the provision. On that basis, the addition was not sustainable for the year under appeal. Case-Laws Income Tax Tue, 12 Sep 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65663