https://www.taxtmi.com/caselaws?id=332685 The Tribunal held that the remission of liability amounting to Rs. 46.05 crores was taxable in the hands of the assessee under Section 41(1) of the Income Tax Act, allowing the Revenue's appeal. The assessment order was revised to include this remission of liability as taxable income. en-us Thu, 11 Aug 2016 00:00:00 +0530 Fri, 23 Sep 2016 12:21:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=332685 The Tribunal held that the remission of liability amounting to Rs. 46.05 crores was taxable in the hands of the assessee under Section 41(1) of the Income Tax Act, allowing the Revenue's appeal. The assessment order was revised to include this remission of liability as taxable income. Case-Laws Income Tax Thu, 11 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=332685