2004 (11) TMI 589 - HC - Income Tax

Summary

The Delhi High Court ruled in favor of the assessee, stating that the amount of Rs. 39,039 representing unclaimed liabilities written off was not taxable for the assessment year 1973-74. The decision was based on the case of J.K. Chemicals Ltd. v. CIT [1966] 62 ITR 34 (Bom.). The reference was decided in favor of the assessee following the decision in the case of CIT v. Sugauli Sugar Works [1999] 236 ITR 5181 (SC).