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2018 (5) TMI 1250 - ITAT INDOREWaiver of principal amount of term loan - taxability as capital asset - addition invoking section 41 - Held that:- Revenue has not placed any material suggesting that the loan was for the purpose of working capital, but on the contrary, CIT(A) has given a finding that the principal amount related to term loan. Under these facts, we do not see any reason to interfere with the finding of the decision arrived by the CIT(A) and the same is hereby affirmed. The ground raised by the Revenue is dismissed. Addition on account of stores & spare parts - assessee has not maintained proper record of this expense not established co-relation with production - Held that:- There is no dispute with regard to the fact that the disallowances are made on estimation basis. The AO has not given any basis for arriving at such estimation. Therefore, the finding of the ld. CIT(A) is not interfered with. - Decided in favour of assessee
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