https://www.taxtmi.com/caselaws?id=283271 Decision addresses tax treatment of cessation of liability for sundry creditors and deductibility of foreign travel for partners. It records that no taxable gain arose from remission/cessation of sundry creditor liabilities and directs that no addition be made; revenue may verify whether the amounts were previously offered to profit in earlier years. It also holds that foreign travel expenses incurred by partners can be allowed where tied to business purposes such as studying designs and construction concepts, and remands the matter to the assessing officer for verification and allowance of such expenses. en-us Wed, 15 Mar 2017 00:00:00 +0530 Fri, 06 Feb 2026 18:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283271 Decision addresses tax treatment of cessation of liability for sundry creditors and deductibility of foreign travel for partners. It records that no taxable gain arose from remission/cessation of sundry creditor liabilities and directs that no addition be made; revenue may verify whether the amounts were previously offered to profit in earlier years. It also holds that foreign travel expenses incurred by partners can be allowed where tied to business purposes such as studying designs and construction concepts, and remands the matter to the assessing officer for verification and allowance of such expenses. Case-Laws Income Tax Wed, 15 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283271