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2017 (10) TMI 311 - AT - Income TaxReopening of assessment - waiver of loan on subsequent dates - Held that:- Having regard to the rival contentions and the material on record, we find that the present proceedings are consequent to the proceedings of the CIT (A) dated 24.12.2012 who deleted the addition by following the decision of the Hon'ble Supreme Court in the case of Tata Iron & Steel Co. Ltd (1997 (12) TMI 5 - SUPREME Court) wherein it was held that the waiver of loan on subsequent dates will not affect the cost of assets, which has since been negated by the Tribunal vide order dated 29.07.2015. In view of the same, we hold that the assessment proceedings and also the consequential appellate proceedings are not sustainable.
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