1980 (4) TMI 89 - HC - Income Tax

Summary

The High Court of Bombay held that appropriation of an amount by reversal of an entry in the profit and loss account does not constitute a benefit under section 41(1) of the Income Tax Act, 1961. The court relied on a previous decision and ruled in favor of the taxpayer. The Tribunal's decision was upheld, and the rule was discharged with costs. (Case citation: 1980 (4) TMI 89 - BOMBAY High Court)