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2013 (9) TMI 890 - MADRAS HIGH COURTCessation of loan liability - waiver of loan - addition under section 41(1) - one time settlement scheme – Held that:- Rs.4.93 Crores stand waived off in furtherance to One Time Settlement resulting in cessation of liability could not be treated as revenue receipt under Section 41(1) of the Act – Reliance has been placed upon the judgment in the case Iskraemeco Rent Limited Vs CIT reported in [2010 (11) TMI 43 - Madras High Court], wherein it has been held that assessee had taken loan for purchase of capital asset and later on the loan was waived off by the Bank, it does not amount to a benefit arising out of business and it is also not even remission of the liability, which could attract Section 41(1) of the Act – Decided against the Revenue.
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