https://www.taxtmi.com/caselaws?id=383290 A deferred sales tax liability paid early at its net present value was held not to amount to remission or cessation of liability, because the assessee merely discharged the obligation at a discounted value and there was no material showing waiver or extinction of the debt. On that reasoning, the conditions for taxing the difference under section 41(1) were not satisfied, and the same amount could not be treated as a revenue receipt or taxable benefit under section 28(iv). The issue was resolved against the Revenue and in favour of the assessee. en-us Tue, 11 Jun 2019 00:00:00 +0530 Wed, 07 Oct 2020 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383290 A deferred sales tax liability paid early at its net present value was held not to amount to remission or cessation of liability, because the assessee merely discharged the obligation at a discounted value and there was no material showing waiver or extinction of the debt. On that reasoning, the conditions for taxing the difference under section 41(1) were not satisfied, and the same amount could not be treated as a revenue receipt or taxable benefit under section 28(iv). The issue was resolved against the Revenue and in favour of the assessee. Case-Laws Income Tax Tue, 11 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383290