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2019 (2) TMI 1266 - AT - Income TaxAddition invoking Section 41(1) - amount waived by TamilNad Mercantile Bank Limited representing Term Loan for the purchase of machinery and for building construction - HELD THAT:- In view of the principles laid down in the cases of Commissioner Vs. Mahindra And Mahindra Ltd.[2018 (5) TMI 358 - SUPREME COURT] wherein as categorically held that Section 41(1) of the IT Act does not apply since waiver of loan does not amount to cessation of trading liability, the Tribunal is of the considered opinion that the findings of the Ld.CIT(A) on this issue stand confirmed. - Decided against revenue
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