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2011 (12) TMI 90 - HC - Income TaxProfits chargeable to tax - advances not repaid for long time held as cessation of liability – liability to the creditors continues to be shown in the assessee’s books of accounts - Held that:- Unpaid liabilities cannot be added as the assessee’s income under Section 41(1) merely because they remained unpaid for a sufficiently long time and that it is required of the revenue authorities to show that the liability to pay the creditors has ceased or has been remitted by the creditors. -Decided in favor of assessee.
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