Law:

Section:

Section 28(ii)(c) of the Income-tax Act, 1961 - Business income - Compensation - Assessment year 1961-62 - Assessee was selling agent of C - It owed certain amount to C - Selling agency was taken over by MK, who agreed to pay assessee's debt to C - Part of it was paid and a major part was written off by C as bad debt - Whether assessee was liable to assessment in respect of portion written off under section 28(ii)(c) read with section 297(2)(d)(ii) - Held, no Section 41(1) of the Income-tax Act, 1961 - Remission or cessation of trading liability - Assessment year 1961-62 - Whether, on facts stated under heading "Business income - compensation" assessee was liable to assessment in respect of portion written off under section 41(1), read with section 297(2)(d)(ii) - Held, no Section 28(ii) of the Income-tax Act, 1961 [Corresponding to section 10(5A)(d) of the Indian Income-tax Act, 1922] - Business income - Compensation - Assessment year 1961-62 - Assessee was selling agent of C - It owed certain amount to C - Selling agency was taken over by MK, who agreed to pay assessee's debt to C - Part of it was paid and a major part was written off by C as had debt - Whether assessee was liable to assessment in respect of portion written off under section 10(5A)(d) of 1922 Act - Held, no Section 10(2A) of the Indian Income-tax Act, 1922 - Remission or cessation of trading liability, etc. - Assessment year 1961-62 - Whether, on facts stated under heading "Business income - compensation" assessee was liable to assessment in respect of portion written off under section 10(2A) of 1922 Act - Held, no Section 147 of the Income-tax Act, 1961 - Income escaping assessment - Illustration - Assessment year 1961-62 - Whether on facts stated under heading "Business income - compensation" since assessee had no knowledge of writing off of amount by corporation as it had not been communicated to assessee, it could not be said that assessee was guilty of any omission or failure to disclose facts and, therefore, initiation of proceedings under section 147(a) was without jursdiction - Held, yes FACTS The assessee-firm was sole selling agent of a corporation through its branch. On 23-3-1955…

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