https://www.taxtmi.com/highlights?id=97569 Cessation of liability under tax law was not attracted where long-standing foreign trade creditors remained recorded as liabilities and were not written off in the year under review; alleged waivers were reflected and offered to tax only in a later year. The legal principle applied required a cessation of liability in the year and a corresponding benefit to the taxpayer in cash, kind or otherwise; absent evidence that liabilities ceased or that the taxpayer became richer by remission during the year, the prior addition under the cessation rule was deleted. en-us Wed, 11 Mar 2026 08:17:50 +0530 Wed, 11 Mar 2026 08:17:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=97569 Cessation of liability under tax law was not attracted where long-standing foreign trade creditors remained recorded as liabilities and were not written off in the year under review; alleged waivers were reflected and offered to tax only in a later year. The legal principle applied required a cessation of liability in the year and a corresponding benefit to the taxpayer in cash, kind or otherwise; absent evidence that liabilities ceased or that the taxpayer became richer by remission during the year, the prior addition under the cessation rule was deleted. Highlights Income Tax Wed, 11 Mar 2026 08:17:50 +0530 https://www.taxtmi.com/highlights?id=97569