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TMI Blog2013 (1) TMI 89X X X X Extracts X X X X X X X X Extracts X X X X ..... Jasani JUDGEMENT 1. This appeal under Section 260A of the Income Tax Act, 1961 (the Act) by the revenue against the order dated 05.10.2007 passed by the Income Tax Appellate Tribunal (the Tribunal) for the Assessment Year 2001-02. The appellant seeks to raise the following reframed question of law for consideration of this court. "Whether on the facts and circumstance of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h Airways and assumed its rights and liabilities. Consequent to the above, on 01.03.2001 a new agreement was signed between respondent-assessee and Amadeus Global Travel interalia releasing respondent-assessee from repayment of the advance of pound 1 lac. 3. In view of the above, in its return of income for assessment year 200102, the respondent-assessee had claimed that the waiver or remission o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee. The Tribunal held that the amount of Rs.70.12 lacs cannot be subjected to the tax as the same was in the nature of the capital receipt. 6. Mr. Suresh Kumar, Advocate for the Revenue, in support of the appeal submits that in view of the decision of this court in the matter of Solid Container Ltd. v. Dy. Commissioner of Income Tax, reported in 308 ITR page 417, a waiver of the loan taken fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case of Solid Container Ltd (Supra) where waiver was of a loan taken for trading activity and thus considered to be of a revenue nature. In the present case the amount which was advanced as a loan to the respondent-assessee was for the purposes of relocating its office premises. The loan taken was utilised for the purposes of acquiring a office at Godrej Soap Complex, Vikroli, Mumbai. Therefo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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