2004 (5) TMI 16

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..... ions have been referred which are as under: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that the sum of Rs. 3,500 paid by the assessee as penalty for late payment of sales tax was an allowable deduction? 2. On the facts and in the circumstances of the case, the Tribunal was not right in holding that the sum of Rs. 13,170 being the unclaimed b .....

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..... High Court which was rendered much earlier in J.K. Chemicals Ltd. v. CIT [1966] 62 ITR 34. The Bench observed: 'The transfer of an entry is a unilateral act of the assessee, who is a debtor to its employees. We fail to see how a debtor, by his own unilateral act, can bring about the cessation or remission of his liability. Remission has to be granted by the creditor. It is not in dispute, and it .....

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