https://www.taxtmi.com/caselaws?id=201565 Section 41 of the Income-tax Act, 1961 applies only in the assessment year in which the relevant liability is created or ceases. On the facts accepted by the appellate authorities, one liability had not ceased in the relevant year and the other ceased in a later year, so no income could be assessed under section 41 for assessment year 2004-05. The addition was therefore unsustainable and the revenue's challenge failed. en-us Tue, 05 Oct 2010 00:00:00 +0530 Mon, 17 Jan 2011 21:17:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=201565 Section 41 of the Income-tax Act, 1961 applies only in the assessment year in which the relevant liability is created or ceases. On the facts accepted by the appellate authorities, one liability had not ceased in the relevant year and the other ceased in a later year, so no income could be assessed under section 41 for assessment year 2004-05. The addition was therefore unsustainable and the revenue's challenge failed. Case-Laws Income Tax Tue, 05 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=201565