https://www.taxtmi.com/caselaws?id=60417 The case involved the write-back of liabilities by the assessee, disputed by the Department as taxable income due to cessation of liabilities. The Calcutta High Court emphasized that liabilities cannot be unilaterally terminated by the debtor, requiring creditor consent for remission. The Court highlighted the need for factual inquiry to ascertain if liabilities genuinely ceased. The judgment in CIT vs. Sugauli Sugar Works (P) Ltd. was not directly applicable without verifying facts, leading to the appeal being allowed for statistical purposes, stressing the importance of factual verification in determining tax treatment of liabilities. en-us Mon, 04 Mar 1985 00:00:00 +0530 Wed, 05 Jan 2011 12:16:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60417 The case involved the write-back of liabilities by the assessee, disputed by the Department as taxable income due to cessation of liabilities. The Calcutta High Court emphasized that liabilities cannot be unilaterally terminated by the debtor, requiring creditor consent for remission. The Court highlighted the need for factual inquiry to ascertain if liabilities genuinely ceased. The judgment in CIT vs. Sugauli Sugar Works (P) Ltd. was not directly applicable without verifying facts, leading to the appeal being allowed for statistical purposes, stressing the importance of factual verification in determining tax treatment of liabilities. Case-Laws Income Tax Mon, 04 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60417