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Judgment Search Results Home > Cases Phrase: pepsu court of wards act 2008 bk Court: rajasthan Year: 2006 Page 1 of about 1 results (0.024 seconds)

Apr 20 2006 (HC)

Commissioner of Income Tax Vs. Shree Pipes Limited

Court : Rajasthan

Decided on : Apr-20-2006

Reported in : (2008)219CTR(Raj)465; [2008]301ITR240(Raj); RLW2006(4)Raj2692

..... , it was liable to be included as income in computing taxable income of the assessee under section 41(1) of the income tax act, 1961.40. supreme court rejected the contention of revenue while upholding order of the high court by laying down the ratio that obtaining any amount or a benefit by virtue of remission or cessation is sine qua non for ..... tea exporter : [2002]254itr434(sc) in which t.v. sundaram was distinguished and it was held that section 41(1) of the income tax act in like circumstances cannot be invoked. therefore, in view of two supreme court decisions clearly clinching the issue in one of which earlier decision in t.v. sundaram iynger was referred and distinguished with utmost respect, we ..... to an end. apart from that will not by itself confer any benefit on the debtor as contemplated by the section.44. thus, supreme court affirmatively stated that in order to operate section 41(1) of the act as existed before insertion of explanation, unilaterally in books of account by transfer of certain amount liability in profit and loss account neither availed ..... loss account as income of the previous year relevant to the assessment year in question by invoking section 41(1) of act of 1961. it was urged before the madras high court, by the revenue and sustained by the madras high court inter alia on the ground that although, the amounts received originally were not income in nature, the amounts remained with the .....

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