1992 (2) TMI 50 - HC - Income Tax

Summary

The High Court of Gujarat found that the Income-tax Officer had not properly considered the provisions of section 35B(1)(b) of the Income-tax Act, 1961, leading to excessive relief granted to the assessee. The Commissioner set aside the assessment and directed reexamination of the claim. The Tribunal directed the Income-tax Officer to apply the principles laid down in the case of J. Hemchand and Co. The Court upheld the Tribunal's decision, ruling in favor of the assessee.