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2014 (1) TMI 350 - AT - Income TaxApplicability of Section 41(1) of the Act – Waiver of Interest not allowed as deduction can be taxed u/s 41(1) of the Act or not - Held that:- Following Iskraemeco Regent Ltd. v. CIT [2010 (11) TMI 43 - Madras High Court] - The assessee has received waiver of interest as OTS during the assessment year 2005-06 - to apply section 41(1), the assessee should have claimed earlier year any benefit and allowed by the Assessing Officer - section 41(1) of the Act cannot be applied. Application of Section 28(iv) of the Act – Held that:- Following of Ravinder Singh v. CIT [1993 (3) TMI 41 - DELHI High Court] - the assessee has received the interest waiver which is payable to bank - This is a cash benefit received by the assessee - Therefore, section 28(iv) has no application to assessee's case – Decided against Revenue and in favour of Assessee.
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