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Addition on account of cessation of liability - Advance receipts from client as capital receipt - even though the remedy of some of the clients may have become barred by limitation, even then the barred debt did not become income of the assessee and could not be taxed under the Income-tax Act. - HC

Income Tax - Addition on account of cessation of liability - Advance receipts from client as capital receipt - even though the remedy of some of the clients may have become barred by limitation, even then the barred debt did not become income of the assessee and could not be taxed under the Income-tax Act. - HC - TMI Updates - Highlights .....

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