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2015 (2) TMI 1102 - AT - Income TaxAddition on account of credit in partners capital account due to remission of loan liability considered as income of the firm U/s. 2(24) r.w.s. 28(iv) - CIT(A) deleted the addition - Held that:- CIT(A) while granting relief to the Assessee has given a finding that the Assessee was not carrying on the business of obtaining loans and therefore the remission of loan cannot be considered to be a benefit arising out from the business. We find that ld. CIT(A) while deciding the issue in favour of the Assessee had relied on the decisions cited therein and also the decision of Hon’ble Gujarat High Court in the case of CIT vs. Chetan Chemicals Pvt. Ltd. [2001 (10) TMI 12 - GUJARAT High Court ]. Before us, Revenue has not brought any contrary binding decision in its support nor could point any distinguishable feature of the decisions relied by A.R. We therefore find no reason to interfere with the order of ld. CIT(A) and thus this ground of Revenue is dismissed. - Decided in favour of assessee
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