TMI Blog2019 (2) TMI 1266X X X X Extracts X X X X X X X X Extracts X X X X ..... td.[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 - I.T.A.No.1884/Chny/2017 - - - Dated:- 2-1-2019 - Shri Abraham P George, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... representing Term Loan for the purchase of machinery and for building construction. It was a submission that Ld.CIT(A) has relied upon the decision of Hon ble Madras High Court in the case of Iskraemeco Regent Ltd. Vs. CIT in [2011] 331 ITR 317(Mad.) to grant the assessee relief. It was a further submission that the said decision is now stood reversed by the Hon ble Madras High Court in the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... waiver of loan does not amount to cessation of trading liability. It isa matter of record that the Respondent has not claimed any deduction u/s.36(1)(iii) of the IT Act qua the payment of interest in any previous year. It was a prayer that the order of the CIT(Appeals) is liable to be upheld. 5. We have considered the rival submissions. In view of the principles laid down in the decisions ..... X X X X Extracts X X X X X X X X Extracts X X X X
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