https://www.taxtmi.com/caselaws?id=14692 The court held that the sum of Rs. 41,453 was not chargeable to tax under section 41(1)(a) of the Income-tax Act, 1961 for the assessment year 1964-65. The court found that the unilateral entry by the assessee did not constitute remission or cessation of liability as per relevant Supreme Court decisions. The court emphasized that a mere entry in the books of account does not trigger section 41(1). The Tribunal's decision in favor of the assessee was upheld, and the reference was disposed of with no order as to costs. en-us Tue, 03 Oct 2000 00:00:00 +0530 Sat, 18 Jul 2009 11:02:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14692 The court held that the sum of Rs. 41,453 was not chargeable to tax under section 41(1)(a) of the Income-tax Act, 1961 for the assessment year 1964-65. The court found that the unilateral entry by the assessee did not constitute remission or cessation of liability as per relevant Supreme Court decisions. The court emphasized that a mere entry in the books of account does not trigger section 41(1). The Tribunal's decision in favor of the assessee was upheld, and the reference was disposed of with no order as to costs. Case-Laws Income Tax Tue, 03 Oct 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14692