https://www.taxtmi.com/caselaws?id=33697 The court's judgment addressed the interpretation of provisions of the Income-tax Act regarding disallowance under section 40A(5), qualification of expenses under section 35B, and treatment of unclaimed balances under section 41(1). The court ruled in favor of the Revenue, holding that the unilateral cessation of a liability by the assessee constituted income, even before the insertion of the Explanation in section 41(1) in 1997. This decision clarified the tax implications of write-offs, distinguishing between statutory and contractual liabilities in determining taxable income. en-us Thu, 13 Sep 2007 00:00:00 +0530 Fri, 05 Jun 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=33697 The court's judgment addressed the interpretation of provisions of the Income-tax Act regarding disallowance under section 40A(5), qualification of expenses under section 35B, and treatment of unclaimed balances under section 41(1). The court ruled in favor of the Revenue, holding that the unilateral cessation of a liability by the assessee constituted income, even before the insertion of the Explanation in section 41(1) in 1997. This decision clarified the tax implications of write-offs, distinguishing between statutory and contractual liabilities in determining taxable income. Case-Laws Income Tax Thu, 13 Sep 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=33697