https://www.taxtmi.com/caselaws?id=58633 The Tribunal upheld the authorities' decision to tax a sum of Rs. 2,01,432 as income under section 41(1) of the Income-tax Act, considering the written back liabilities as revenue receipts due to the cessation of liability. The appellant's argument that the amount was not a revenue receipt was rejected, citing various liabilities including surplus deposits and unpaid purchase liabilities. Relying on precedents, the Tribunal concluded that the liabilities had ceased, leading to the partial allowance of the appeal and a decision against the appellant. en-us Fri, 27 Dec 1991 00:00:00 +0530 Tue, 21 Dec 2010 12:47:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58633 The Tribunal upheld the authorities' decision to tax a sum of Rs. 2,01,432 as income under section 41(1) of the Income-tax Act, considering the written back liabilities as revenue receipts due to the cessation of liability. The appellant's argument that the amount was not a revenue receipt was rejected, citing various liabilities including surplus deposits and unpaid purchase liabilities. Relying on precedents, the Tribunal concluded that the liabilities had ceased, leading to the partial allowance of the appeal and a decision against the appellant. Case-Laws Income Tax Fri, 27 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58633