https://www.taxtmi.com/caselaws?id=213476 Section 41(1) applies only where a trading liability is actually remitted or ceases, or a consequent benefit accrues during the relevant year. A VAT refund claim contingent on adjudication under the applicable VAT rules, without allowance or actual receipt, does not create taxable income; the related addition was therefore deleted. DEPB credit that remained unsold and merely receivable during the relevant year had not crystallised as taxable income for that assessment year, particularly where related amounts were offered to tax later. The Revenue's challenge to both additions failed. en-us Fri, 25 Nov 2011 00:00:00 +0530 Wed, 22 May 2013 11:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213476 Section 41(1) applies only where a trading liability is actually remitted or ceases, or a consequent benefit accrues during the relevant year. A VAT refund claim contingent on adjudication under the applicable VAT rules, without allowance or actual receipt, does not create taxable income; the related addition was therefore deleted. DEPB credit that remained unsold and merely receivable during the relevant year had not crystallised as taxable income for that assessment year, particularly where related amounts were offered to tax later. The Revenue's challenge to both additions failed. Case-Laws Income Tax Fri, 25 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213476