https://www.taxtmi.com/caselaws?id=76663 Payment of the net present value of deferred sales tax to SICOM did not, on the stated facts, amount to remission or cessation of the sales tax liability under section 41(1)(a) of the Income-tax Act, 1961. The liability had earlier been allowed as a trading liability, but the record showed that credit for the SICOM payment was refused, that refusal was upheld by the Sales Tax Tribunal, and that a later demand notice under the Bombay Sales Tax Act, 1959 was issued. As the liability was neither discharged nor extinguished, the statutory condition for invoking section 41(1)(a) was not satisfied, and the assessee succeeded. en-us Thu, 10 Jun 2010 00:00:00 +0530 Sat, 29 Dec 2012 16:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=76663 Payment of the net present value of deferred sales tax to SICOM did not, on the stated facts, amount to remission or cessation of the sales tax liability under section 41(1)(a) of the Income-tax Act, 1961. The liability had earlier been allowed as a trading liability, but the record showed that credit for the SICOM payment was refused, that refusal was upheld by the Sales Tax Tribunal, and that a later demand notice under the Bombay Sales Tax Act, 1959 was issued. As the liability was neither discharged nor extinguished, the statutory condition for invoking section 41(1)(a) was not satisfied, and the assessee succeeded. Case-Laws Income Tax Thu, 10 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=76663