https://www.taxtmi.com/caselaws?id=11962 HC upheld the Tribunal's finding that the waived promissory-note liability related to capital tooling purchases, not benefits in kind or trading liabilities, and thus could not be taxed under section 28(iv) or treated as income on cessation under section 41(1). The tooling was held to be plant and machinery/capital asset, not stock-in-trade, and the liability had never been debited to trading or profit-and-loss accounts; accordingly remission of that liability did not constitute taxable income. The Department's reference therefore failed. en-us Wed, 29 Jan 2003 00:00:00 +0530 Mon, 29 Sep 2025 15:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11962 HC upheld the Tribunal's finding that the waived promissory-note liability related to capital tooling purchases, not benefits in kind or trading liabilities, and thus could not be taxed under section 28(iv) or treated as income on cessation under section 41(1). The tooling was held to be plant and machinery/capital asset, not stock-in-trade, and the liability had never been debited to trading or profit-and-loss accounts; accordingly remission of that liability did not constitute taxable income. The Department's reference therefore failed. Case-Laws Income Tax Wed, 29 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11962