https://www.taxtmi.com/caselaws?id=29028 The court held that the amount of Rs. 2,56,529 could not be included in the total income of the assessee under section 41(1) of the Income-tax Act, 1961. The Tribunal determined that since the liabilities for expenses became barred by limitation and did not meet the conditions for remission or cessation as required by the law, the provisions of section 41(1) were not applicable. Therefore, the court ruled in favor of the assessee, concluding that there was no remission or cessation of trading liabilities, and each party was to bear its own costs. en-us Tue, 07 Apr 1981 00:00:00 +0530 Wed, 10 Mar 2010 12:59:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29028 The court held that the amount of Rs. 2,56,529 could not be included in the total income of the assessee under section 41(1) of the Income-tax Act, 1961. The Tribunal determined that since the liabilities for expenses became barred by limitation and did not meet the conditions for remission or cessation as required by the law, the provisions of section 41(1) were not applicable. Therefore, the court ruled in favor of the assessee, concluding that there was no remission or cessation of trading liabilities, and each party was to bear its own costs. Case-Laws Income Tax Tue, 07 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29028