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1973 (2) TMI 35 - HC - Income TaxDebts due by the firm to various creditors was barred by limitation were credited to the partners' account - " 1. Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that the amounts of ₹ 16,513 is not assessable under section 41(1) of the Income-tax Act, 1961 ? 2. Whether, on the facts and in the circumstances of the case, there is any material for the Tribunal to hold that there was no remission or cessation of liability in respect of the sum of ₹ 6,725 ? " - we answer both the questions referred to us in the affirmative, that is, in favour of the assessee and against the department
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