Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (1) TMI 89 - HC - Income TaxWaiver or remission of the liability of the loan - Capital or Revenue receipt - Held that:- The amount which was advanced as a loan to the respondent-assessee was for the purposes of relocating its office premises. The loan taken was utilised for the purposes of acquiring a office at Godrej Soap Complex, Vikroli, Mumbai. Therefore, the loan in the present fact was taken for acquisition of capital asset and not for the purposes of trading activity as in the case of Solid Containers Ltd (2008 (8) TMI 156 - BOMBAY HIGH COURT). The present case is therefore covered in favour of the respondent-assessee by the decision of this court in the matter of Mahindra & Mahindra Ltd (2003 (1) TMI 71 - BOMBAY HIGH COURT) - in favour of assessee.
|