https://www.taxtmi.com/caselaws?id=174910 Repeated disclosure of unpaid wages as liabilities in annual balance-sheets amounted to acknowledgment of the debt under the Limitation Act, so the liability did not become time-barred and the amounts were not assessable as ceased liabilities under the 1922 Income-tax Act. By contrast, foreign tour expenditure incurred to study textile machinery and processes, pursuant to board resolutions and leading to acquisition of new machinery, was treated as capital in nature because it related to the profit-making apparatus and a preliminary survey for an improved capital asset. The reference was therefore answered in part for the assessee on unpaid wages and against the assessee on the foreign tour expenses. en-us Fri, 30 Aug 1963 00:00:00 +0530 Wed, 28 Oct 2015 13:17:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=174910 Repeated disclosure of unpaid wages as liabilities in annual balance-sheets amounted to acknowledgment of the debt under the Limitation Act, so the liability did not become time-barred and the amounts were not assessable as ceased liabilities under the 1922 Income-tax Act. By contrast, foreign tour expenditure incurred to study textile machinery and processes, pursuant to board resolutions and leading to acquisition of new machinery, was treated as capital in nature because it related to the profit-making apparatus and a preliminary survey for an improved capital asset. The reference was therefore answered in part for the assessee on unpaid wages and against the assessee on the foreign tour expenses. Case-Laws Income Tax Fri, 30 Aug 1963 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=174910