2009 (7) TMI 1149 - SCH - Income Tax

Remission of liability - income u/s 41(1) - Apex Court dismissed the appeal against the decision of HC 2008 (9) TMI 31 - HIGH COURT DELHI whereas the HC has held that, remission of the principal amount of loan didn t amount to income - remission would become income u/s 41(1) only if assessee has claimed deduction in respect of expenditure or trading liability - Decided against the revenue.