https://www.taxtmi.com/caselaws?id=60732 The Appellate Tribunal upheld the decision that there was no cessation of liability or remission under section 41(1) of the IT Act, 1961 for the assessment years 1971-72 and 1973-74. The transfer of unclaimed wages to the profit and loss account did not automatically result in the cessation of liability. Previous court decisions were referenced to support the finding that the mere expiry of the limitation period does not constitute the cessation of liability. The Tribunal emphasized that the debtor's unilateral transfer of liability does not bring about remission unless agreed upon by the creditor. The appeals by the Revenue were dismissed, affirming the absence of cessation of liability for the relevant assessment years. en-us Wed, 04 Feb 1981 00:00:00 +0530 Fri, 07 Jan 2011 18:14:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60732 The Appellate Tribunal upheld the decision that there was no cessation of liability or remission under section 41(1) of the IT Act, 1961 for the assessment years 1971-72 and 1973-74. The transfer of unclaimed wages to the profit and loss account did not automatically result in the cessation of liability. Previous court decisions were referenced to support the finding that the mere expiry of the limitation period does not constitute the cessation of liability. The Tribunal emphasized that the debtor's unilateral transfer of liability does not bring about remission unless agreed upon by the creditor. The appeals by the Revenue were dismissed, affirming the absence of cessation of liability for the relevant assessment years. Case-Laws Income Tax Wed, 04 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60732