https://www.taxtmi.com/caselaws?id=26596 The High Court held that unclaimed debts of the assessee should not be treated as business income under section 41(1) of the Income-tax Act, 1961. The court relied on precedents indicating that barred debts do not lead to remission of liabilities. The decision favored the assessee, ruling that the amount should be excluded from the total income. Judge G. N. Ray concurred with this decision, aligning with Judge Dipak Kumar Sen's stance on the treatment of unclaimed debts in income-tax assessment. en-us Mon, 22 Jul 1985 00:00:00 +0530 Sat, 06 Feb 2010 12:37:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26596 The High Court held that unclaimed debts of the assessee should not be treated as business income under section 41(1) of the Income-tax Act, 1961. The court relied on precedents indicating that barred debts do not lead to remission of liabilities. The decision favored the assessee, ruling that the amount should be excluded from the total income. Judge G. N. Ray concurred with this decision, aligning with Judge Dipak Kumar Sen's stance on the treatment of unclaimed debts in income-tax assessment. Case-Laws Income Tax Mon, 22 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26596