Held that in the absence of any material to establish that the assessee has obtained any benefit in respect of the liability of sundry creditors, it cannot be assumed that there is remission or cessation of liability in the relevant year, when the assessee has not written back the liability in its books of accounts. Addition was deleted. (AY. 2009-10)
G.S. Entertainment v. ACIT (2022) 220 DTR 49 / 220 TTJ 885 (Mum)(Trib)
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Outstanding sundry creditors shown in the books-Addition cannot be made.