TMI Blog2015 (2) TMI 1102X X X X Extracts X X X X X X X X Extracts X X X X ..... als Pvt. Ltd. [2001 (10) TMI 12 - GUJARAT High Court ]. Before us, Revenue has not brought any contrary binding decision in its support nor could point any distinguishable feature of the decisions relied by A.R. We therefore find no reason to interfere with the order of ld. CIT(A) and thus this ground of Revenue is dismissed. - Decided in favour of assessee - I.T. A. No. 217/AHD/2011 - - - Dated:- 19-2-2015 - Shilendra Kr. Yadav (Judicial Member) And Anil Chaturvedi (Accountant Member) For the Petitioner : M. K. Singh (Sr. D.R.) For the Respondent: S. N. Divetia (A.R.) ORDER Anil Chaturvedi (Accountant Member) 1. This appeal filed by the Revenue is against the order of CIT(A)-XIV, Ahmedabad dated 28.09.2010 for A. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the loan was provided in A.Y. 01-02 and A.Y. 02-03 and was also claimed as deduction. Subsequently since the party had left India and settled abroad, the outstanding loan was considered as not payable. Out of the total outstanding balance, the interest amounting to ₹ 10,37,143/- was written back and was offered for tax u/s. 41(1) of the Act. With respect to the principal amount of ₹ 35,08,765/-, it was submitted that it being not in the nature of trading liability the same was credited to the partners account in their profit share ratio and was not offered to tax. The submission of the Assessee was not found acceptable to the A.O as he was of the view that the entire amount written back should be treated as income within the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the benefit or perquisite other than cash. If, therefore, what is received as benefit or perquisite is money, there would be no question of considering the value of such monetary benefit or perquisite under this clause. Even, in case of CIT Vs. Chetan Chemicals Pvt. Ltd (supra), the jurisdictional Court has held as under:- Sect/on 28 of the Act deals with profits and gains of business or profession and clause (iv) thereof says that the value of any benefit or perquisite whether convertible into money tor not, arising from business or the exercise of a profession shall be chargeable as the income under head Profits and Gains or Business or Profession . In the facts of the present case, it cannot be said that the assessee company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the appellant is trading in grain items and general commission agent, share derivatives / index trading transaction of F O and commodity speculative activities. The clause (iii) of the Partnership Deed dated 4.2.1993 produced by the appellant also states that the business of the partnership was adapt, commission in food grains, Khol, Oil Seeds, etc. Therefore, the contrary findings given by AO are not justified. 5.5 The Counsel for the appellant has drawn my attention to the recent decision of Hon. Delhi High Court in the case of CIT Vs. Jindal Equipments Leasing , Consultancy Services Ltd. (37 DTR 172) wherein it has been held that waiver / write off of principal amount of loan is not taxable as benefits or perquisites u/s.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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