https://www.taxtmi.com/caselaws?id=28028 The High Court of Bombay ruled in a case involving the interpretation of a release deed for debt remission under the Income-tax Act, 1961. The Court held that the remission occurred in Samvat year 2021, not 2010, based on the terms of the release deed and the actual agreement between the parties. Consequently, the amount of remission should be excluded from the income computation for the assessment year 1966-67. The Court sided with the Revenue, rejecting the assessee's argument and awarded no costs in the case. en-us Wed, 28 Jul 1982 00:00:00 +0530 Wed, 17 Feb 2010 14:17:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28028 The High Court of Bombay ruled in a case involving the interpretation of a release deed for debt remission under the Income-tax Act, 1961. The Court held that the remission occurred in Samvat year 2021, not 2010, based on the terms of the release deed and the actual agreement between the parties. Consequently, the amount of remission should be excluded from the income computation for the assessment year 1966-67. The Court sided with the Revenue, rejecting the assessee's argument and awarded no costs in the case. Case-Laws Income Tax Wed, 28 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28028