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2007 (9) TMI 263 - DELHI HIGH COURTCessation of liability - Explanation inserted in section 41(1) w.e.f. April 1, 1997 - Inspecting Assistant Commissioner added back the amount to the income of the assessee which were written back in assessee’s accounts as unclaimed balances - held that these amounts, are not statutory liabilities but contractual liabilities – these amounts were unilaterally written off by the assessee - Contention of assessee that prior to April 1, 1997, a unilateral writing off of a liability could not be treated as an income of the assessee, not acceptable – held that unclaimed liability written off by assessee was taxable as income
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