2002 (3) TMI 1 - SUPREME COURT

Resort to section 41(1) could arise only if the liability of the assessee can be said to have ceased finally without the possibility of reviving it. On the facts found by the Tribunal, the Tribunal as well as the High Court were well justified incoming to the conclusion that the purchase tax liability of the assessee had not ceased finally during the year in question - revenue is not allowed to take back what has been allowed earlier as business expenditure