https://www.taxtmi.com/caselaws?id=787711 The tribunal addressed whether longstanding foreign trade creditors constituted cessation or remission of liabilities attracting deemed income under the income-tax regime; it found the revenue failed to prove cessation/remission or acquisition of benefit in the year under consideration. The assessee maintained the liabilities in books, produced confirmations and transaction records, and later offered write-backs to tax in a subsequent year, demonstrating no remission in the assessment year. On that factual and evidentiary basis the addition treating the liabilities as ceased/remitted was deleted and the assessment disallowance was set aside in favour of the assessee. en-us Tue, 10 Feb 2026 00:00:00 +0530 Wed, 11 Mar 2026 08:17:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787711 The tribunal addressed whether longstanding foreign trade creditors constituted cessation or remission of liabilities attracting deemed income under the income-tax regime; it found the revenue failed to prove cessation/remission or acquisition of benefit in the year under consideration. The assessee maintained the liabilities in books, produced confirmations and transaction records, and later offered write-backs to tax in a subsequent year, demonstrating no remission in the assessment year. On that factual and evidentiary basis the addition treating the liabilities as ceased/remitted was deleted and the assessment disallowance was set aside in favour of the assessee. Case-Laws Income Tax Tue, 10 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787711