TMI Blog2014 (4) TMI 864X X X X Extracts X X X X X X X X Extracts X X X X ..... statute being fulfilled - cessation or remission has to be during the previous year relevant to the assessment year – but, both the elements are missing - there was nothing on record to suggest there was remission or cessation of liability that too during the previous year relevant to the assessment year 2007-08 which was the year under consideration - there was no cessation or remission of liabil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Tribunal has recorded the facts in brief, thereafter, referred to the discussion of the assessing officer as well as CIT(Appeals) before applying the ratio of the decision in case of CIT vs. G.K.Patel Co.(supra). 3. Having thus heard learned counsel for the parties and having perused the judgment of the Tribunal under challenge, we notice that issue pertains to cessation of liability under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isions would apply in a case where there has been remission or cessation of liability during the year under consideration subject to the conditions contained in the statute being fulfilled. Additionally, such cessation or remission has to be during the previous year relevant to the assessment year under consideration. In the present case, both elements are missing. There was nothing on record to s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as it stands perhaps holds that there was no cessation or remission of liability and that therefore, the amount in question cannot be added back as a deemed income under section 41(c) of the Act. This is one of the strange cases where even if the debt itself is found to be non-genuine from the very inception, at least in terms of section 41(1) of the Act there is no cure for it. Be that as it may, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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