INTERNATIONAL CARGO TERMINALS & RAIL INFRASTRUCTURE PRIVATE LIMITED (FORMERLY KNOWN AS BOXTRANS LOGISTRICS (INDIA) SERVICES PRIVATE LIMITED,MUMBAI vs. PR.CIT-1, MUMBAI

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ITA 1637/MUM/2018Status: DisposedITAT Mumbai27 November 2019AY 2013-1439 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the write-back of the loan due to a family settlement was a capital write-off and not income under Section 41(1). The action of the Principal Commissioner (PCIT) in invoking Section 263 was considered erroneous and against natural justice.

What were the facts?

The assessee wrote back a loan of Rs. 18.5 crores due to an erstwhile director as an exceptional item in its P&L account, pursuant to a family settlement. The Assessing Officer (AO) accepted this write-back during assessment proceedings.

What were the issues?

Whether the write-back of a loan pursuant to a family settlement constitutes income under Section 41(1) and if the PCIT's revisionary order under Section 263 was justified.

Which sections of the Income-tax Act were involved?

Section 41(1),Section 263

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(19)Show list

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Income Tax Appellate Tribunal, “C”

Before: SHRI S. RIFAUR RAHMAN, AM & SHRI RAM LAL NEGI, JM

आदेशकीप्रनिनिनिअग्रेनर्ि/Copy of the Order forwarded to : अपीलाथी/ The Appellant 1. 2. प्रत्यथी/ The Respondent 3. आयकरआयुक्त(अपील) / The CIT(A) आयकरआयुक्त/ CIT- concerned 4. 5. यवभागीयप्रयतयनयि, आयकरअपीलीयअयिकरण, मुंबई/ DR, ITAT,

M/s International Cargo Terminals & Rail Infrastructure Pvt. Ltd.

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