https://www.taxtmi.com/caselaws?id=204165 The High Court ruled in favor of the assessee, holding that there was no tax liability under section 172 of the Income-tax Act. The Court concluded that a vessel towing another vessel did not constitute "carrying goods" under the Act's provisions, as the towing vessel did not meet the criteria of transporting goods meant for trade. Therefore, the Court found that the conditions of section 172(1) were not satisfied in this case, resulting in the dismissal of the tax liability and a favorable outcome for the assessee. en-us Fri, 08 Jul 2005 00:00:00 +0530 Thu, 20 Dec 2012 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=204165 The High Court ruled in favor of the assessee, holding that there was no tax liability under section 172 of the Income-tax Act. The Court concluded that a vessel towing another vessel did not constitute "carrying goods" under the Act's provisions, as the towing vessel did not meet the criteria of transporting goods meant for trade. Therefore, the Court found that the conditions of section 172(1) were not satisfied in this case, resulting in the dismissal of the tax liability and a favorable outcome for the assessee. Case-Laws Income Tax Fri, 08 Jul 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=204165