1978 (7) TMI 53 - HC - Income Tax

Summary

The High Court of Karnataka ruled that the sum of Rs. 2 lakhs waived by I.T.C. Ltd. for M/s. Mysore Tobacco Co. Ltd. cannot be assessed as income for the previous year ending March 31, 1966. The waiver occurred on April 16, 1966, and therefore the income accrued after the end of the accounting year 1965-66. The Tribunal's decision was upheld, and the department's appeal was dismissed.