CIT v. Grindwell Norton Ltd (2025) 483 ITR 651 (Bom)(HC)

S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Capital or revenue-Pre-payment of deferred sales tax liability-Capital receipt.[S. 4, 260A]

That the Assessing Officer was not correct in treating the amount saved by the assessee while pre-paying the deferred sales-tax liability as income, by applying the provisions of section 41 of the Income-tax Act, 1961. (AY. 2007-08, 2009-10) 

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