https://www.taxtmi.com/caselaws?id=70861 The Tribunal upheld the CIT's decision that the sum of Rs. 1,20,705 should be treated as income chargeable to tax under section 41(1) of the Income Tax Act. The adjustments made by the assessee in the Profit & Loss account were deemed as benefits obtained through remission or cessation of trading liabilities. The closure of accounts and transfer of balances to the Profit & Loss account indicated a cessation of liabilities, leading to the chargeability under section 41(1). The Tribunal dismissed the appeal by the assessee, confirming the CIT's order under section 263. en-us Tue, 06 Nov 1984 00:00:00 +0530 Tue, 19 Apr 2011 17:16:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70861 The Tribunal upheld the CIT's decision that the sum of Rs. 1,20,705 should be treated as income chargeable to tax under section 41(1) of the Income Tax Act. The adjustments made by the assessee in the Profit & Loss account were deemed as benefits obtained through remission or cessation of trading liabilities. The closure of accounts and transfer of balances to the Profit & Loss account indicated a cessation of liabilities, leading to the chargeability under section 41(1). The Tribunal dismissed the appeal by the assessee, confirming the CIT's order under section 263. Case-Laws Income Tax Tue, 06 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70861