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1999 (9) TMI 3 - SC - Income Tax
In the profit and loss account, the appellant-assessee had made a debit entry for an amount of Rs. 3,00,30,700 and transferred the amount to preference share capital redemption account - Tribunal was justified in law in holding that the sum of Rs. 3,00,30,700 being provision for redemption of preference shares was not liable to be added back in the total income of the assessee for the assessment year 1977-78