https://www.taxtmi.com/caselaws?id=57922 The Tribunal upheld the CIT's order under Section 263 of the IT Act, determining that the liability had ceased, requiring inclusion in the total income for the assessment year 1982-83. Emphasizing strict interpretation of Section 41(1) of the IT Act, the Tribunal rejected the argument that the possibility of liability revival due to a potential appeal justified withholding the amount from taxation. The Tribunal affirmed the CIT's jurisdiction and dismissed the appeal, holding the order valid and in the interest of Revenue. en-us Mon, 25 Jul 1988 00:00:00 +0530 Wed, 15 Dec 2010 13:41:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57922 The Tribunal upheld the CIT's order under Section 263 of the IT Act, determining that the liability had ceased, requiring inclusion in the total income for the assessment year 1982-83. Emphasizing strict interpretation of Section 41(1) of the IT Act, the Tribunal rejected the argument that the possibility of liability revival due to a potential appeal justified withholding the amount from taxation. The Tribunal affirmed the CIT's jurisdiction and dismissed the appeal, holding the order valid and in the interest of Revenue. Case-Laws Income Tax Mon, 25 Jul 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57922