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2022 (1) TMI 839 - AT - Income TaxAddition of Interest portion waived under OTS - assessee has claimed that the interest portion has been added back u/s. 43B of the Act for A.Y.2007-08 and 2008-09 - Principal portion which is part of the waiver under one time settlement, the addition has been made by AO treating the same as revenue receipt - CIT-A deleted the addition - HELD THAT:- A perusal of the balance sheet of the assessee show that the said amount represents loan from Heavy Financial Corporation and SBI. The said loan was taken for the purchase of fixed assets as per exhibit 117 and 118 of the paper book. Whether this waiver becomes part of taxable income u/s. 28 (iv) of the Act r.w.s. 41 (1) is concerned, this issue has been decided by the Hon’ble Supreme Court in the case of Mahindra Mahindra [2018 (5) TMI 358 - SUPREME COURT] We decline to interfere with the findings of the CIT(A) in so far as this issue is concerned.
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