https://www.taxtmi.com/highlights?id=104986 Section 41(1) applies only where the taxpayer obtains a benefit during the relevant year through remission or cessation of a trading liability previously allowed as a deduction. Age of a liability, absent creditor confirmation, lack of recovery action or expiry of limitation does not establish cessation where the liability remains acknowledged in the accounts; subsequent payment may confirm that it continued at year-end. Advance-tax interest for a company remains mandatory but must be calculated on tax due on returned income, subject to statutory adjustments and credit for tax deducted at source and advance tax, rather than on subsequently assessed income. en-us Thu, 15 Oct 2026 05:44:05 +0530 Thu, 15 Oct 2026 05:44:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=104986 Section 41(1) applies only where the taxpayer obtains a benefit during the relevant year through remission or cessation of a trading liability previously allowed as a deduction. Age of a liability, absent creditor confirmation, lack of recovery action or expiry of limitation does not establish cessation where the liability remains acknowledged in the accounts; subsequent payment may confirm that it continued at year-end. Advance-tax interest for a company remains mandatory but must be calculated on tax due on returned income, subject to statutory adjustments and credit for tax deducted at source and advance tax, rather than on subsequently assessed income. Highlights Income Tax Thu, 15 Oct 2026 05:44:05 +0530 https://www.taxtmi.com/highlights?id=104986