1989 (5) TMI 30

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..... ies of Rs. 48,610, written back by the assessee in its profit and loss account, the point in issue being whether this represented cessation or remission of the assessee's liabilities, within the meaning of section 41 (1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). The assessee, Lal Textile Finishing Mills (P.) Ltd., credited on its income side a sum of Rs. 48,610 represen .....

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..... s and in the circumstances of the case, the Appellate Tribunal is right in law in holding that the sum of Rs. 48,610 credited by the assessee as its income to its profit and loss account of the relevant previous year is not assessable to tax as the income of the assessee ?" The answer to the question posed is provided by the judgment of this court in CIT v. Haryana Co-operative Sugar Mills Ltd. .....

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