https://www.taxtmi.com/article/detailed?id=12291 Sundry trade creditors arising from purchases accepted as genuine cannot be added as cash credits where purchases and payments are admitted by the assessing officer; the correct tax treatment for any subsequent write off or remission of such liabilities is recognition as income under the principle of cessation or remission of liability rather than recharacterisation as unexplained cash credits, reflecting the accounting distinction between a payable liability and monies received. en-us Tue, 06 Feb 2024 10:17:25 +0530 Tue, 06 Feb 2024 10:17:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=12291 Sundry trade creditors arising from purchases accepted as genuine cannot be added as cash credits where purchases and payments are admitted by the assessing officer; the correct tax treatment for any subsequent write off or remission of such liabilities is recognition as income under the principle of cessation or remission of liability rather than recharacterisation as unexplained cash credits, reflecting the accounting distinction between a payable liability and monies received. Articles Income Tax Tue, 06 Feb 2024 10:17:25 +0530 https://www.taxtmi.com/article/detailed?id=12291