Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (6) TMI 1049 - AT - Income TaxAddition relating to waiver of loan - Held that:- It is the case of the assessee that it has presumed that the loan has been waived by UTI Bank, whereas the reply given by the UTI Bank to the AO during the course of remand proceeding revealed that the loan has not been waived. Hence, the assessee has reinstated the loan in the books of account during the financial year relevant to A.Y. 2016-17. Since the basic facts relating to the issue have undergone a change, we are of the view that this issue requires to be set aside to the file of the AO for examining it afresh. Disallowance of depreciation - Held that:- Since the AO had computed short term capital gain under Section 50 of the Act, the AO disallowed depreciation claimed by the assessee. Since we have restored the issue relating to waiver of loan to the file of the AO, this issue, being consequential in nature, is also restored to the file of the AO. Consequently the order passed by the CIT(A) on this issue is set aside. Addition made under Section 41(1) - Held that:- Non-compliance of notice cannot lead to the inference that the liability is no longer payable. Nothing was brought on record by the AO to prove that the above said liabilities are no longer payable. Accordingly we are of the view that that the AO was not justified in assessing the above said amount under Section 41(1) of the Act. Accordingly we set aside the order passed by the learned CIT(A) on this issue and direct the AO to delete the addition made under Section 41(1)
|