2012 (6) TMI 501 - HC - Income Tax

Whether Tribunal was justified in deleting the addition made under section 41(1) of the Income-tax Act - Tribunal while deleting the additions, held that there is no infirmity in the method followed by the assessee and moreover, the balance refund amount has been offered to tax in the subsequent assessment years which the Department has accepted. no reason to entertain this appeal. appeal is accordingly dismissed

Summary

The High Court Bombay High Court in 2012 (6) TMI 501 upheld the Income-tax Appellate Tribunal's decision to delete the addition made under section 41(1) of the Income-tax Act, 1961. The assessee, a shipping agent, made deposits on behalf of customers with the Mumbai Port Trust, and the Tribunal found no issue with the method followed by the assessee. The appeal was dismissed with no costs.