{"id":7464,"date":"2019-09-28T04:24:50","date_gmt":"2019-09-28T04:24:50","guid":{"rendered":"http:\/\/itatonline.org\/digest\/pcit-v-pukhraj-s-jain-bomhcwww-itatonline-org\/"},"modified":"2019-09-28T04:24:50","modified_gmt":"2019-09-28T04:24:50","slug":"pcit-v-pukhraj-s-jain-bomhcwww-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-pukhraj-s-jain-bomhcwww-itatonline-org\/","title":{"rendered":"PCIT v. Pukhraj S. Jain (Bom)(HC),www.itatonline.org"},"content":{"rendered":"<p><strong>Dismissing the appeal of the revenue the Court held that , it is well settled through series of judgments that merely because a debt has not been repaid for over three years, would not automatically imply cessation of liability. Exhaustion of period of limitation may prevent filing of recovery proceedings in a Court of law, nevertheless it cannot be stated by itself that the liability to repay the amount had ceased. Such liability cannot be termed as bogus<\/strong><strong> .<\/strong>( ITA No. 1288 of 2016, dt. 04.01.2019) ( AY.2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 41(1) : Profits chargeable to tax &#8211; Remission or cessation of trading liability &#8211;  Old unpaid liability for sundry creditors- Exhaustion of period of limitation may prevent filing of recovery proceedings in a Court of law, nevertheless it cannot be stated by itself that the liability to repay the amount had ceased- Addition cannot be made .<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7464","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1Wo","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=7464"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7464\/revisions"}],"predecessor-version":[{"id":7465,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7464\/revisions\/7465"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=7464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=7464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=7464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}