https://www.taxtmi.com/caselaws?id=21211 The court held in favor of the assessee, affirming that only the instalments due as of January 30, 1981, should be considered for computing profits under Section 41(2) of the Income-tax Act, 1961. The court emphasized interpreting the provision in favor of the assessee in case of conflicting hardships between the Revenue and the assessee. Additionally, the court highlighted the distinction between "moneys payable" and "moneys due," emphasizing that the year in which the instalments become due should be deemed the "previous year" for taxability under Section 41(2). en-us Fri, 20 Nov 1992 00:00:00 +0530 Fri, 20 Nov 2009 17:29:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21211 The court held in favor of the assessee, affirming that only the instalments due as of January 30, 1981, should be considered for computing profits under Section 41(2) of the Income-tax Act, 1961. The court emphasized interpreting the provision in favor of the assessee in case of conflicting hardships between the Revenue and the assessee. Additionally, the court highlighted the distinction between "moneys payable" and "moneys due," emphasizing that the year in which the instalments become due should be deemed the "previous year" for taxability under Section 41(2). Case-Laws Income Tax Fri, 20 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21211