1989 (5) TMI 30

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....was delivered by S. S. SODHI J. -The controversy here is with regard to unclaimed liabilities of Rs. 48,610, written back by the assessee in its profit and loss account, the point in issue being whether this represented cessation or remission of the assessee's liabilities, within the meaning of section 41 (1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). The assessee, L....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....lowing question has now been referred to this court for its opinion : " Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in holding that the sum of Rs. 48,610 credited by the assessee as its income to its profit and loss account of the relevant previous year is not assessable to tax as the income of the assessee ?" The answer to the question ....