https://www.taxtmi.com/caselaws?id=207655 The Appellate Tribunal ITAT Delhi partially allowed the appeal regarding the assessment of outstanding liabilities for two creditors in the appellant's income for the assessment year 2004-05. The Tribunal held that as the liabilities were not written off, the provisions of section 41(1) and section 28(iv) did not apply. The liabilities were still shown in the balance sheet, indicating they were not treated as the appellant's own money. Therefore, the liabilities should not be taxed in the appellant's income for the assessment year 2004-05. en-us Fri, 11 Jun 2010 00:00:00 +0530 Sat, 01 Jun 2013 16:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207655 The Appellate Tribunal ITAT Delhi partially allowed the appeal regarding the assessment of outstanding liabilities for two creditors in the appellant's income for the assessment year 2004-05. The Tribunal held that as the liabilities were not written off, the provisions of section 41(1) and section 28(iv) did not apply. The liabilities were still shown in the balance sheet, indicating they were not treated as the appellant's own money. Therefore, the liabilities should not be taxed in the appellant's income for the assessment year 2004-05. Case-Laws Income Tax Fri, 11 Jun 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207655