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2018 (1) TMI 1298 - HC - Income TaxRemission of principal amount of loan obtained from financial institutions and banks - whether constitutes a benefit or perquisite arising from business and would fall within the ambit of Section 28(iv)? - Held that:- Even otherwise the loan which was taken was capital investment and always treated in the capital account as liability and if it is so, it will naturally go as wiping out the capital liability. See Modern Denim Limited Vs. Asstt. Commissioner of IT Jaipur [2017 (4) TMI 1287 - RAJASTHAN HIGH COURT] In that view of the matter, the contention taken by the appellant is required to be accepted. The view taken by the CIT(A) is required to be restored and that of the tribunal is required to be reversed.In view of the above, the issue is answered in favour of the assessee and against the department.
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