2001 (2) TMI 56 - HC - Income Tax

Extract:
.......amount of Rs. 1,38,234 has been debited to the profit and loss account under the Companies Act. Hence, the Department erred in adding the said amount to the net profit. Accordingly, the above question is answered in the negative, i.e., in favour of the assessee and against the Department. The appeal is disposed of accordingly. No order as to costs.