https://www.taxtmi.com/caselaws?id=268195 Deferred sales tax liability did not amount to remission or cessation of a trading liability on the facts recorded, because the sales tax tribunal had upheld denial of credit for payment made to discharge the liability and a later demand under the Bombay Sales Tax Act remained in force. As section 41(1)(a) of the Income-tax Act applies only where a benefit is obtained by remission or cessation of liability, that statutory precondition was not met. Section 41(1)(a) was therefore not attracted, and the assessee succeeded. en-us Wed, 04 Nov 2015 00:00:00 +0530 Sat, 05 Mar 2016 16:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268195 Deferred sales tax liability did not amount to remission or cessation of a trading liability on the facts recorded, because the sales tax tribunal had upheld denial of credit for payment made to discharge the liability and a later demand under the Bombay Sales Tax Act remained in force. As section 41(1)(a) of the Income-tax Act applies only where a benefit is obtained by remission or cessation of liability, that statutory precondition was not met. Section 41(1)(a) was therefore not attracted, and the assessee succeeded. Case-Laws Income Tax Wed, 04 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268195