https://www.taxtmi.com/article/detailed?id=1483 Section 41(1) deems amounts or benefits obtained by way of remission or cessation of previously claimed losses, expenditures or trading liabilities to be profits and gains of business in the year such value is obtained. The test is whether the assessee actually obtained the amount or equivalent benefit, irrespective of accounting system; unilateral write offs do not conclusively prove legal cessation, and enforceability or final extinguishment of the liability is central to application of the provision. en-us Thu, 27 Oct 2011 22:16:23 +0530 Thu, 27 Oct 2011 22:16:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1483 Section 41(1) deems amounts or benefits obtained by way of remission or cessation of previously claimed losses, expenditures or trading liabilities to be profits and gains of business in the year such value is obtained. The test is whether the assessee actually obtained the amount or equivalent benefit, irrespective of accounting system; unilateral write offs do not conclusively prove legal cessation, and enforceability or final extinguishment of the liability is central to application of the provision. Articles Income Tax Thu, 27 Oct 2011 22:16:23 +0530 https://www.taxtmi.com/article/detailed?id=1483