Dismissing the appeal of the Revenue the Tribunal held that in order to attract the provisions of section 41(1) of the Act, there should have been an irrevocable cessation of liability without any possibility of the same been revived, which has not so been established by the Revenue. (AY. 2009-10)
G.S. Entertainment v. ACIT (2022) 220 TTJ 885 / 220 DTR 49 (Mum)(Trib)
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Loans outstanding in the balance sheet-Addition cannot be made.