Dismissing the appeal of the revenue the Court held that ; Share application money from holding company which was adjusted against goods sold by assessee cannot be assessed as cessation or remission of liability .(AY.2007 -08)
CIT v. Indo Widecom International Ltd. (2018) 409 ITR 144/ 253 Taxman 117 / 300 CTR 437 /161 DTR 345 (All)(HC)
S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Share application money from holding company which was adjusted against goods sold by assessee cannot be assessed as cessation or remission of liability .