https://www.taxtmi.com/caselaws?id=289241 The Court upheld the decision of the ITAT that the amount of Rs. 4,74,77,000/- was not to be taxed as revenue income for AY 2004-05 under Section 41(1)(a) of the Income Tax Act. The Court found that the writing off of the liability by the State of Rajasthan, with the condition of utilizing the amount only for capital and rehabilitation purposes, did not constitute remission/cessation of liability. The appeal was dismissed, affirming the rulings of the CIT(A) and ITAT, emphasizing the importance of the State's condition on the use of the written-off amount. en-us Tue, 23 Jul 2019 00:00:00 +0530 Wed, 22 Jul 2020 08:49:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289241 The Court upheld the decision of the ITAT that the amount of Rs. 4,74,77,000/- was not to be taxed as revenue income for AY 2004-05 under Section 41(1)(a) of the Income Tax Act. The Court found that the writing off of the liability by the State of Rajasthan, with the condition of utilizing the amount only for capital and rehabilitation purposes, did not constitute remission/cessation of liability. The appeal was dismissed, affirming the rulings of the CIT(A) and ITAT, emphasizing the importance of the State's condition on the use of the written-off amount. Case-Laws Income Tax Tue, 23 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289241