Dismissing the appeal of the revenue the Court held that merely because period of three years expired from arising of the liability would not automatically mean that the liability has ceased . Order of Tribunal is affirmed . (ITA No . 1769 of 2016 dt 30 -01 2019)
PCIT v. Mahalaxmi Infra Projects Ltd ( Bom) (HC) www.itatonline.org.
S. 41(1) : Profits chargeable to tax – Remission or cessation of trading liability – Merely because period of three years expired from arising of the liability would not automatically mean that the liability has ceased – Order of Tribunal is affirmed .