https://www.taxtmi.com/caselaws?id=190005 The Tribunal ruled in favor of the assessee, holding that unclaimed credit balances transferred to the Profit & Loss account do not automatically become taxable in the current assessment year. The Tribunal emphasized that such amounts should have been taxed in the years they were received, not when transferred to the P&L account. Therefore, the Rs. 35,277 in question could not be taxed in the assessment year 1975-76. en-us Wed, 03 Apr 1996 00:00:00 +0530 Tue, 31 Jan 2017 15:16:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190005 The Tribunal ruled in favor of the assessee, holding that unclaimed credit balances transferred to the Profit & Loss account do not automatically become taxable in the current assessment year. The Tribunal emphasized that such amounts should have been taxed in the years they were received, not when transferred to the P&L account. Therefore, the Rs. 35,277 in question could not be taxed in the assessment year 1975-76. Case-Laws Income Tax Wed, 03 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190005