2001 (10) TMI 12 - GUJARAT HIGH COURT

Amount arising from the remission in the unsecured liability - "Whether, on the facts and in the circumstances of the case, the Tribunal is right in holding that amount of Rs.1,77,052 arising from the remission in the unsecured liability (loan), is not taxable in the hands of the assessee?" - The question referred to us is, therefore, G answered in the affirmative, i.e., in favour of the assessee and against the Revenue.