https://www.taxtmi.com/caselaws?id=35743 The court concluded that the proviso to Rule 19(1) of the Income-tax Rules, 1962 applies only to clause (d) and not to clauses (a), (b), and (c). It held that the Income-tax Officer was not justified in taking the average value of the debts and that the nominal value at the end of the computation period should be considered. The court ruled in favor of the assessee, answering the questions in the affirmative and making no order as to costs. en-us Wed, 26 Aug 1981 00:00:00 +0530 Tue, 16 Mar 2010 13:50:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35743 The court concluded that the proviso to Rule 19(1) of the Income-tax Rules, 1962 applies only to clause (d) and not to clauses (a), (b), and (c). It held that the Income-tax Officer was not justified in taking the average value of the debts and that the nominal value at the end of the computation period should be considered. The court ruled in favor of the assessee, answering the questions in the affirmative and making no order as to costs. Case-Laws Income Tax Wed, 26 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35743