https://www.taxtmi.com/caselaws?id=274125 Section 10(2A) applied only where a prior allowance or deduction had been made in respect of a specific loss, expenditure, or trading liability, and the assessee later obtained remission or cessation of that very liability. The settlement record showed a composite payment in full satisfaction of principal claim, interest, and costs, but it did not establish how much of the sum, if any, represented remission of interest alone. As no definite finding identified a particular liability earlier allowed as a deduction and then remitted, the statutory condition for treating the amount as business income was not met. Section 10(2A) was therefore inapplicable, and the reference was answered against the department and in favour of the assessee. en-us Tue, 22 Jul 1980 00:00:00 +0530 Mon, 30 Jul 2018 18:31:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274125 Section 10(2A) applied only where a prior allowance or deduction had been made in respect of a specific loss, expenditure, or trading liability, and the assessee later obtained remission or cessation of that very liability. The settlement record showed a composite payment in full satisfaction of principal claim, interest, and costs, but it did not establish how much of the sum, if any, represented remission of interest alone. As no definite finding identified a particular liability earlier allowed as a deduction and then remitted, the statutory condition for treating the amount as business income was not met. Section 10(2A) was therefore inapplicable, and the reference was answered against the department and in favour of the assessee. Case-Laws Income Tax Tue, 22 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274125