Remission or cessation of trading liability
This query is : Resolved
07 March 2009
If anyone has any case-law regarding Remission or cessation of trading liability (Sec 41(1) of Income tax act), kindly forward or give its citation.
07 March 2009
One case law for eg; is given. Sales tax refund made by the government shall be deemed as business income u/s 41 (1)unless the same was refunded to the customers from whom it was collected. Citation:- Tirumalaiswamy naidu & Sons 230 ITR 534 (SC).
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