2001 (1) TMI 57 - HC - Income Tax

Summary

The High Court of Delhi ruled in favor of the Revenue in a case involving the computation of capital for the purpose of section 80-I of the Income-tax Act, 1961. The court found that the provisions of section 154 of the Act are applicable, even if there is a debatable point involved. The question referred was answered in the negative, in favor of the Revenue and against the assessee.