https://www.taxtmi.com/caselaws?id=233374 The Tribunal upheld the decision of ld CIT(A) regarding liabilities outstanding for more than three years, ruling out the applicability of section 41(1) of the Act on outstanding creditors. The judgment emphasized the importance of establishing the cessation of liability and the significance of written-off amounts in the books of account to determine the tax implications on outstanding liabilities. Consequently, the appeal filed by the department was dismissed. en-us Wed, 13 Feb 2013 00:00:00 +0530 Mon, 29 Apr 2013 08:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=233374 The Tribunal upheld the decision of ld CIT(A) regarding liabilities outstanding for more than three years, ruling out the applicability of section 41(1) of the Act on outstanding creditors. The judgment emphasized the importance of establishing the cessation of liability and the significance of written-off amounts in the books of account to determine the tax implications on outstanding liabilities. Consequently, the appeal filed by the department was dismissed. Case-Laws Income Tax Wed, 13 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=233374