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2015 (8) TMI 850 - DELHI HIGH COURT

2015 (8) TMI 850 - DELHI HIGH COURT - TMI - Cessation of liability - whether the conversion of liabilities of the Assessee into equity share capital at a premium resulted in any benefit to the Assessee within the meaning of Section 28 (iv) or Section 41(1) (a) of the Act? - Held that:- The finding returned concurrently by both the CIT (A) and the ITAT that the conversion of loans into capital did not result in any benefit to the Assessee and that the nature of the liability essentially remained .....

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i, Advs. For the Respondent : Mr Manu K Giri and Mr Satish Khosla, Advs. ORDER CM APPL 9725/2014(for condonation of delay in refiling the appeal) and ITA No. 245 of 2014 1. This appeal under Section 260A of the Income Tax Act, 1961 ('Act') is directed against an order dated 31st October 2012 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No. 2414/Del/2011 for the Assessment Year ('AY') 2005-06. 2. At the outset, the Court notes that there is delay of 320 days .....

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