https://www.taxtmi.com/caselaws?id=204643 Outstanding export trade advances do not become taxable income unless the liability is extinguished by waiver, remission, or enforceable abandonment. The advance here remained an export-related liability, not a trading surplus written back by the assessee, and there was no remission by the foreign buyer. The assessee sought RBI clarification and later repaid the amount through banking channels, confirming that the balance had not ceased to be a liability during the relevant year. The factual position was unlike cases involving unclaimed balances transferred to profit and loss account, so the amount could not be assessed as income. en-us Tue, 12 Jan 2010 00:00:00 +0530 Tue, 14 Aug 2012 15:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204643 Outstanding export trade advances do not become taxable income unless the liability is extinguished by waiver, remission, or enforceable abandonment. The advance here remained an export-related liability, not a trading surplus written back by the assessee, and there was no remission by the foreign buyer. The assessee sought RBI clarification and later repaid the amount through banking channels, confirming that the balance had not ceased to be a liability during the relevant year. The factual position was unlike cases involving unclaimed balances transferred to profit and loss account, so the amount could not be assessed as income. Case-Laws Income Tax Tue, 12 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204643