https://www.taxtmi.com/caselaws?id=239348 An advance received for export that remained recorded as a continuing liability year after year, without being written back or repaid, could not be treated as income under section 41(1) because the liability had not ceased merely due to passage of time or non-fulfilment of export obligations. The same amount also could not be taxed under section 28(iv) since no taxable benefit or perquisite had actually arisen while the liability continued to be acknowledged in the balance-sheet. The Tribunal noted that questions about the genuineness of the original receipt and creditworthiness could not sustain the addition in the relevant assessment year under these provisions. en-us Fri, 08 Nov 2013 00:00:00 +0530 Tue, 12 Nov 2013 07:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239348 An advance received for export that remained recorded as a continuing liability year after year, without being written back or repaid, could not be treated as income under section 41(1) because the liability had not ceased merely due to passage of time or non-fulfilment of export obligations. The same amount also could not be taxed under section 28(iv) since no taxable benefit or perquisite had actually arisen while the liability continued to be acknowledged in the balance-sheet. The Tribunal noted that questions about the genuineness of the original receipt and creditworthiness could not sustain the addition in the relevant assessment year under these provisions. Case-Laws Income Tax Fri, 08 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239348