https://www.taxtmi.com/caselaws?id=62583 The Tribunal held that the income of M/s. Indofil Chemicals Ltd. (IFCL) for the relevant year is assessable in the hands of the assessee on a substantive basis. Therefore, the taxes paid by IFCL should be adjusted against the demand in the name of the assessee. This decision aligns with precedents such as CIT v. Swastik Rubber Products Ltd [1983] 140 ITR 304, ITO v. Bachu Lal Kapoor [1966] 60 ITR 74, and CIT v. Ramanand Sachdeva [1982] 136 ITR 440. en-us Wed, 10 May 1995 00:00:00 +0530 Thu, 20 Jan 2011 15:42:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62583 The Tribunal held that the income of M/s. Indofil Chemicals Ltd. (IFCL) for the relevant year is assessable in the hands of the assessee on a substantive basis. Therefore, the taxes paid by IFCL should be adjusted against the demand in the name of the assessee. This decision aligns with precedents such as CIT v. Swastik Rubber Products Ltd [1983] 140 ITR 304, ITO v. Bachu Lal Kapoor [1966] 60 ITR 74, and CIT v. Ramanand Sachdeva [1982] 136 ITR 440. Case-Laws Income Tax Wed, 10 May 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62583