https://www.taxtmi.com/caselaws?id=288006 A written acknowledgment under the Limitation Act must disclose the debtor's liability to a specific creditor; balance-sheet entries that do not identify the claimant do not extend limitation. The court found that the respondent's balance-sheets recorded liabilities generally but did not admit the appellant's debt, so they could not save the winding up petition from being time-barred. Section 41 of the Income Tax Act was held irrelevant because it governs taxation of amounts treated as income and does not determine whether a debt has been acknowledged for limitation purposes. The refusal to entertain the winding up claim on limitation grounds was therefore left undisturbed. en-us Wed, 19 Apr 2017 00:00:00 +0530 Thu, 14 May 2020 02:08:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288006 A written acknowledgment under the Limitation Act must disclose the debtor's liability to a specific creditor; balance-sheet entries that do not identify the claimant do not extend limitation. The court found that the respondent's balance-sheets recorded liabilities generally but did not admit the appellant's debt, so they could not save the winding up petition from being time-barred. Section 41 of the Income Tax Act was held irrelevant because it governs taxation of amounts treated as income and does not determine whether a debt has been acknowledged for limitation purposes. The refusal to entertain the winding up claim on limitation grounds was therefore left undisturbed. Case-Laws Companies Law Wed, 19 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288006