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2020 (1) TMI 1147 - HC - Income TaxAddition on account of remission of loan - waiver of loan or cessation of liability - HELD THAT:- As decided in Commissioner Vs. Mahindra And Mahindra Ltd [2018 (5) TMI 358 - SUPREME COURT] Section 28(iv) of the IT Act does not apply on the present case since the receipts of ₹ 57,74,064/- are in the nature of cash or money. Section 41(1) of the IT Act does not apply since waiver of loan does not amount to cessation of trading liability. It is a matter of record that the Respondent has not claimed any deduction under Section 36(1)(iii) of the IT Act qua the payment of interest in any previous year. We are of the considered view that these appeals are devoid of merits and deserve to be dismissed. Accordingly, the appeals are dismissed.
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