https://www.taxtmi.com/caselaws?id=35245 The Income Tax Appellate Tribunal (ITAT) held that Section 41(1) of the Income Tax Act did not apply to an amount received by the assessee from a creditor as it was already included in the book profit under Section 115JB and not claimed as a deduction in previous assessments. The ITAT also determined that the assessment order under Section 263 was not erroneous as the amount had already been taxed under Section 115JB. Citing the decision in Mahindra and Mahindra Ltd. vs. Commissioner of Income Tax, the Tribunal dismissed the appeal, clarifying the application of tax provisions and legal precedents in the case. en-us Mon, 18 Jan 2010 00:00:00 +0530 Thu, 31 Jan 2013 18:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35245 The Income Tax Appellate Tribunal (ITAT) held that Section 41(1) of the Income Tax Act did not apply to an amount received by the assessee from a creditor as it was already included in the book profit under Section 115JB and not claimed as a deduction in previous assessments. The ITAT also determined that the assessment order under Section 263 was not erroneous as the amount had already been taxed under Section 115JB. Citing the decision in Mahindra and Mahindra Ltd. vs. Commissioner of Income Tax, the Tribunal dismissed the appeal, clarifying the application of tax provisions and legal precedents in the case. Case-Laws Income Tax Mon, 18 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35245