https://www.taxtmi.com/caselaws?id=67720 The ITAT Jaipur ruled in favor of the assessee, holding that unclaimed wages and bonus were not taxable under section 41(1) of the IT Act, 1961 for the assessment year 1972-73. The Tribunal found that there was no cessation of liability or remission, emphasizing that a debt or liability persists even if recovery is time-barred. The Tribunal concluded that the claims had not merged into the company's profits and were not part of the shareholders' profit. As a result, the additions made to the income were deleted, and the appeal was allowed in favor of the assessee. en-us Sat, 30 Jun 1979 00:00:00 +0530 Mon, 14 Mar 2011 12:18:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67720 The ITAT Jaipur ruled in favor of the assessee, holding that unclaimed wages and bonus were not taxable under section 41(1) of the IT Act, 1961 for the assessment year 1972-73. The Tribunal found that there was no cessation of liability or remission, emphasizing that a debt or liability persists even if recovery is time-barred. The Tribunal concluded that the claims had not merged into the company's profits and were not part of the shareholders' profit. As a result, the additions made to the income were deleted, and the appeal was allowed in favor of the assessee. Case-Laws Income Tax Sat, 30 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67720