2001 (1) TMI 40 - HC - Income Tax

Summary

The High Court of Delhi ruled in favor of the assessee, allowing the sum of Rs. 45,547 as sales tax liability for the assessment year 1978-79. The court found that the liability accrued during the assessment year, based on the completion of assessment by the Sales Tax Officer. The Tribunal's decision was supported by the apex court ruling in Kedarnath Jute Mfg. Co. Ltd. v. CIT [1971] 82 ITR 363.