https://www.taxtmi.com/caselaws?id=5715 SC held that expiry of the Limitation Act period does not extinguish a debt but only bars enforcement; a unilateral ledger entry transferring the sum to a capital reserve by the debtor, without any act by the creditor, does not terminate liability. Consequently the purported cessation of liability based on the unilateral bookkeeping entry was ineffective. The appeal was found to lack merit and was dismissed as not maintainable. en-us Thu, 04 Feb 1999 00:00:00 +0530 Mon, 25 May 2026 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5715 SC held that expiry of the Limitation Act period does not extinguish a debt but only bars enforcement; a unilateral ledger entry transferring the sum to a capital reserve by the debtor, without any act by the creditor, does not terminate liability. Consequently the purported cessation of liability based on the unilateral bookkeeping entry was ineffective. The appeal was found to lack merit and was dismissed as not maintainable. Case-Laws Income Tax Thu, 04 Feb 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5715