https://www.taxtmi.com/caselaws?id=26604 The High Court of Rajasthan ruled in favor of the Revenue, upholding the taxation of remission benefits received by the assessee firm under section 41(1) of the Income-tax Act, 1961. The court determined that the assessee firm, not the successor firm, obtained the benefit of the remission, as evidenced by the lack of agreement transferring the liability and the remission being made in the name of the assessee firm. Consequently, the court held that the conditions of section 41(1) were satisfied, and the assessee firm was liable to be taxed on the sum of Rs. 44,395. en-us Tue, 30 Jul 1985 00:00:00 +0530 Sat, 06 Feb 2010 12:53:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26604 The High Court of Rajasthan ruled in favor of the Revenue, upholding the taxation of remission benefits received by the assessee firm under section 41(1) of the Income-tax Act, 1961. The court determined that the assessee firm, not the successor firm, obtained the benefit of the remission, as evidenced by the lack of agreement transferring the liability and the remission being made in the name of the assessee firm. Consequently, the court held that the conditions of section 41(1) were satisfied, and the assessee firm was liable to be taxed on the sum of Rs. 44,395. Case-Laws Income Tax Tue, 30 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26604