https://www.taxtmi.com/caselaws?id=55673 The Tribunal upheld the disallowance of the deduction claim regarding the income-tax liability of a dissolved firm, emphasizing that the discharged liability formed part of the capital consideration for taking over the business. The Tribunal rejected arguments based on other legal precedents and affirmed that the liability discharge did not qualify for a revenue deduction. en-us Thu, 11 Feb 1993 00:00:00 +0530 Mon, 29 Nov 2010 13:23:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55673 The Tribunal upheld the disallowance of the deduction claim regarding the income-tax liability of a dissolved firm, emphasizing that the discharged liability formed part of the capital consideration for taking over the business. The Tribunal rejected arguments based on other legal precedents and affirmed that the liability discharge did not qualify for a revenue deduction. Case-Laws Income Tax Thu, 11 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55673