https://www.taxtmi.com/caselaws?id=38170 The High Court upheld the assessment of unclaimed amounts as income under section 41(1) of the Income-tax Act, 1961 for the assessment year 1970-71. The Court ruled in favor of the department, allowing the inclusion of a sum of Rs. 24,869 in the assessee's income. The Court emphasized that the assessee treated the amounts as income by transferring them to the profit and loss account, satisfying the conditions under relevant case law. The Court held that the expiry of the limitation period did not extinguish the debt, and the debt was not time-barred at least for three years from the relevant date. en-us Thu, 30 Mar 1978 00:00:00 +0530 Sat, 03 Apr 2010 15:45:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38170 The High Court upheld the assessment of unclaimed amounts as income under section 41(1) of the Income-tax Act, 1961 for the assessment year 1970-71. The Court ruled in favor of the department, allowing the inclusion of a sum of Rs. 24,869 in the assessee's income. The Court emphasized that the assessee treated the amounts as income by transferring them to the profit and loss account, satisfying the conditions under relevant case law. The Court held that the expiry of the limitation period did not extinguish the debt, and the debt was not time-barred at least for three years from the relevant date. Case-Laws Income Tax Thu, 30 Mar 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38170