https://www.taxtmi.com/caselaws?id=20620 The court ruled against the assessee, holding that the remission amount obtained by the assessee could be considered for taxing income under various provisions of the Income-tax Act, 1961, including section 28. The court disagreed with the Tribunal's narrow interpretation that the remission amount could only be addressed under section 41(1), emphasizing that it may need to be factored into computing business income under other relevant provisions. The decision favored the Revenue, indicating that the remission amount was subject to taxation under the Income-tax Act. en-us Fri, 23 Oct 1992 00:00:00 +0530 Mon, 16 Nov 2009 11:44:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20620 The court ruled against the assessee, holding that the remission amount obtained by the assessee could be considered for taxing income under various provisions of the Income-tax Act, 1961, including section 28. The court disagreed with the Tribunal's narrow interpretation that the remission amount could only be addressed under section 41(1), emphasizing that it may need to be factored into computing business income under other relevant provisions. The decision favored the Revenue, indicating that the remission amount was subject to taxation under the Income-tax Act. Case-Laws Income Tax Fri, 23 Oct 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20620