https://www.taxtmi.com/caselaws?id=801050 Section 41(1) applies only where a prior allowance or deduction exists and the taxpayer obtains a benefit through actual remission or cessation of a trading liability during the relevant year. Outstanding trade-creditor balances that remain acknowledged in the accounts do not become taxable solely because they are old, unconfirmed, unrecovered, or time-barred; waiver, settlement, write-back, discharge, or another event evidencing cessation or benefit is required. Interest for deferment of advance tax under section 234C is mandatory but, for a company, must be computed on tax due on returned income after statutory adjustments and credits, rather than on assessed income merely because the assessment income is higher. en-us Thu, 17 Sep 2026 00:00:00 +0530 Thu, 15 Oct 2026 05:44:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=801050 Section 41(1) applies only where a prior allowance or deduction exists and the taxpayer obtains a benefit through actual remission or cessation of a trading liability during the relevant year. Outstanding trade-creditor balances that remain acknowledged in the accounts do not become taxable solely because they are old, unconfirmed, unrecovered, or time-barred; waiver, settlement, write-back, discharge, or another event evidencing cessation or benefit is required. Interest for deferment of advance tax under section 234C is mandatory but, for a company, must be computed on tax due on returned income after statutory adjustments and credits, rather than on assessed income merely because the assessment income is higher. Case-Laws Income Tax Thu, 17 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=801050