https://www.taxtmi.com/caselaws?id=28583 Section 41(1) of the Income-tax Act applies only where an earlier allowance or deduction was made and the assessee later obtains an amount or benefit in respect of the same loss, expenditure or trading liability by remission or cessation. A mere unilateral book entry, including transfer from sundry creditors to the profit and loss account, without actual receipt of money or a fresh benefit in the relevant year, does not by itself attract the deeming provision. On the stated facts, no taxable income arose in the assessment year under reference. en-us Fri, 23 Apr 1982 00:00:00 +0530 Tue, 23 Feb 2010 18:11:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28583 Section 41(1) of the Income-tax Act applies only where an earlier allowance or deduction was made and the assessee later obtains an amount or benefit in respect of the same loss, expenditure or trading liability by remission or cessation. A mere unilateral book entry, including transfer from sundry creditors to the profit and loss account, without actual receipt of money or a fresh benefit in the relevant year, does not by itself attract the deeming provision. On the stated facts, no taxable income arose in the assessment year under reference. Case-Laws Income Tax Fri, 23 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28583