https://www.taxtmi.com/caselaws?id=253923 Payment of the net present value of a deferred sales tax liability under a statutory premature-payment scheme did not amount to remission or cessation of liability. The liability was only discharged earlier at its discounted value, and the limited benefit under section 43B and the CBDT circulars did not convert the transaction into income arising from a trading liability remission. Since the assessee obtained no waiver or cessation of liability, the conditions of section 41(1) were not satisfied, and the difference between the original liability and the amount paid was not taxable under section 41(1). en-us Fri, 05 Dec 2014 00:00:00 +0530 Mon, 09 Feb 2015 17:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253923 Payment of the net present value of a deferred sales tax liability under a statutory premature-payment scheme did not amount to remission or cessation of liability. The liability was only discharged earlier at its discounted value, and the limited benefit under section 43B and the CBDT circulars did not convert the transaction into income arising from a trading liability remission. Since the assessee obtained no waiver or cessation of liability, the conditions of section 41(1) were not satisfied, and the difference between the original liability and the amount paid was not taxable under section 41(1). Case-Laws Income Tax Fri, 05 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253923