Hon’ble Mr. Justice Suhas C.Sen Hon’ble Mr. Justice V.N. Khare Gopal Jain, Adv. for Mukul Mudgal, Adv. for the appealing party J. Ramamurthy, Sr.Adv., T.C.Sharma, N.K.Agarwal, B.K.Prasad, Advs. with him, for the Respondent J U D G M E N T, The taking after Judgment of the Court was conveyed: SEN, J.
The Judgment of the Court was delivered by Hon’b Jagadisan, J.: Introduction The Appellate Tribunal has referred the following issue to this court under section 66(1) of the Indian Income-tax Act, at the request of the Commissioner of Income-tax, Madras: […]
Facts The appeal was filed against the Punjab and Haryana High Court’s judgement and order dated 15.4.1975 in response to the Income Tax Appellate Tribunal’s Income Tax Reference to the Court. Justice Singh had previously delivered the Court’s previous decision. […]
In business, there are circumstances where a person might have acquired a liability, but later on, he need not have to spend it for one or other purpose. The Income Tax Act brings to tax such possibilities which are no more obligatory. The region brings into its ambit interest in cash or in-kind received by an individual by reduction or cessation of liability. The only demand is that the individual must have a deduction or allowance in his computation of income for the said liability in any previous years.