https://www.taxtmi.com/caselaws?id=366494 HC held that addition u/s 41(1) was unsustainable as there was neither remission nor cessation of the assessee's liability towards the creditor. The assessee had not written back or otherwise unilaterally extinguished the outstanding sum payable to the supplier, nor had it obtained any money or benefit in cash or in kind in respect of such liability. As the conditions under the main provision and the deeming fiction in s.41(1)(a) were not satisfied, the alleged profit was not chargeable to tax. The appeal was decided in favour of the assessee. en-us Mon, 27 Aug 2018 00:00:00 +0530 Wed, 17 Dec 2025 10:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366494 HC held that addition u/s 41(1) was unsustainable as there was neither remission nor cessation of the assessee's liability towards the creditor. The assessee had not written back or otherwise unilaterally extinguished the outstanding sum payable to the supplier, nor had it obtained any money or benefit in cash or in kind in respect of such liability. As the conditions under the main provision and the deeming fiction in s.41(1)(a) were not satisfied, the alleged profit was not chargeable to tax. The appeal was decided in favour of the assessee. Case-Laws Income Tax Mon, 27 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366494