2007 (10) TMI 252

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....Shubham Agrawal, learned counsel, for the assessee, and Sri A. N. Mahajan for the Department. 2. The following three questions have been referred in this case : "1. Whether, on the facts and in the circumstances of the case, the Tribunal was legally right in holding that the sum of Rs. 9,38,575 was to be included in the total income of the assessee under section 41(1) of the Income-tax Act, ....

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....me to be the income of the assessee under section 41(1) of the Income-tax Act, 1961, on the ground that the liability had ceased or had been remitted. 5. All the three questions referred to above are entirely dependent upon the answer to the basic question whether this act of the assessee in making the said entry in its profit and loss account could justify the Department in treating the liabil....