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2011 (12) TMI 554 - GUJARAT HIGH COURTAddition on account of waiver of principal amount of loan - Held that:- Counsel for the Revenue was unable to establish that the amount of ₹ 14.12 crores represented any part of interest. From the Assessing Officers order we notice that the amount of ₹ 24.10 crores represented the principal amount an ₹ 14.12 crores and the unpaid interest of 9.98 crores both of which were waived by the Bank. Since we are not concerned with the waiver of unpaid interest, we find that the issue is squarely covered by the decision in the case of Chetan Chemicals Pvt. Ltd [2001 (10) TMI 12 - GUJARAT High Court]. We make it clear that we have proceeded on the footing that amount of ₹ 14.12 crores represented the principal amount alone waived by the Bank.
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