https://www.taxtmi.com/caselaws?id=252122 The High Court ruled in favor of the respondent, dismissing the appeal and directing that the excise duty refund ordered on 19.05.1993 should be accounted for in the assessment year 1994-95. The court found no cessation or remission of liability under Section 41(1) of the Income Tax Act for the assessment year 1992-93, clarifying that the liability arose in 1994-95. The contractual liability between the assessee company and the conversion unit was upheld, with the liability correctly assessed for the year 1994-95. The cessation of liability was determined to have occurred in 1994-95, aligning with the findings on the previous issues. en-us Tue, 22 Jul 2014 00:00:00 +0530 Thu, 19 Feb 2015 15:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252122 The High Court ruled in favor of the respondent, dismissing the appeal and directing that the excise duty refund ordered on 19.05.1993 should be accounted for in the assessment year 1994-95. The court found no cessation or remission of liability under Section 41(1) of the Income Tax Act for the assessment year 1992-93, clarifying that the liability arose in 1994-95. The contractual liability between the assessee company and the conversion unit was upheld, with the liability correctly assessed for the year 1994-95. The cessation of liability was determined to have occurred in 1994-95, aligning with the findings on the previous issues. Case-Laws Income Tax Tue, 22 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252122