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2018 (2) TMI 55 - HC - Income TaxAddition on account of remission of Principal amount of loan - whether remission of Principal amount of loan obtained from financial institution and banks 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. The contention taken by the appellant is required to be accepted. See Modern Syntex (india) Ltd. case [ 2018 (1) TMI 1298 - RAJASTHAN HIGH COURT] - Decided in favour of assessee
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