← All Phrases

“waiver of loan”

Business IncomeSection 41(1)Section 41(1)108 judgments

The decision most relied on for waiver of loan is CIT v. T.V. Sundaram Iyengar & Sons Ltd. (222 ITR 344), cited in 223 judgments on BharatTax.

Leading authorities on waiver of loan

CIT v. T.V. Sundaram Iyengar & Sons Ltd.
222 ITR 344 · 1996 · Supreme Court
223
citing judgments

Unclaimed deposits received in the course of trading transactions and sundry credit balances written back are taxable as business income under Section 41(1) of the Income-tax Act, 1961, as they constitute a cessation of trading liability.

CIT v. Mahindra & Mahindra Ltd.
404 ITR 1 · 2018 · Supreme Court
164
citing judgments

The waiver of a loan taken for acquiring capital assets is considered a capital receipt and is not taxable as income under Section 28(iv) of the Income Tax Act. The ruling distinguishes between the waiver of trading liabilities and capital liabilities for tax purposes.

Solid Containers Ltd. v. DCIT
308 ITR 417 · 2009 · High Court
74
citing judgments

The write-back or waiver of a loan obtained for business purposes constitutes taxable business income under Section 28. This applies even if no prior deduction was claimed, thereby not attracting Section 41(1).

Asst. Director of Inspection (Investigation) v. Kum. A.B. Shanthi
255 ITR 258 · 2002 · Supreme Court
61
citing judgments

The Supreme Court upholds the constitutional validity of Section 269SS of the Income Tax Act, 1961, which prohibits certain cash loans and deposits. This ruling is foundational for penalties under Section 271D and considering exemptions under Section 273B.

Chief CIT v. Kesaria Tea Company Limited
254 ITR 434 · 2002 · Supreme Court
59
citing judgments

For Section 41(1) of the Income Tax Act to apply, the mere expiry of the limitation period does not constitute cessation of liability; there must be an explicit act by the creditor, such as a release or admission of write-off, confirming that the liability has ceased without the possibility of revival.

CIT v. Ramaniyam Homes Pvt. Ltd.
384 ITR 530 · 2016 · High Court
48
citing judgments

Benefits received by a company from its business operations, such as waived loans not used for capital assets, are taxable under section 28(iv) of the Income-tax Act, 1961.

Logitronics P. Ltd. v. CIT
333 ITR 386 · 2011 · High Court
38
citing judgments

Waiver of a loan taken for trading purposes is taxable under section 41(1) of the Income Tax Act, 1961, as it amounts to a remission or cessation of a trading liability.

CIT v. Tosha International Ltd.
176 Taxmann 187 · 2009 · High Court
36
citing judgments

Waiver of loan principal or interest by banks/financial institutions is not taxable under Section 41(1) if the loan was not claimed as a deduction in earlier years. Such transactions are loan-based and do not fall under Section 2(24) or Section 28(iv) of the Income Tax Act.

Judgments citing waiver of loan

Adarsh Developers, Bengaluru vs. Deputy Commissioner of Income Tax, Central Circle - 2(1), Bengaluru

In the result appeal of the learned assessing officer is dismissed on its merit and appeal of the assessee is also dismissed as withdrawn

ITA 1082/BANG/2024[2020-21]Status: DisposedITAT Bangalore29 Apr 2025AY 2020-21

Bench: Shri Prashant Maharishi & Shri Soundararajan K.Assessment Year : 2020-21

For Appellant: Shri Hemant Pai, CAFor Respondent: Ms. Neera Malhotra
Section 143(1)Section 143(2)Section 143(3)Section 28Section 36Section 37

decision. We have carefully considered and found that the above decision was squarely on the issue of taxability of income on account of waiver of loan and is in an altogether different context and does not deal with issue of allowance of business losses or bad debt. Further the fact

N.K. Industries Ltd., Ahmedabad vs. The Dy.CIT, Circle-3(1)(1), Ahmedabad

In the result, the appeal of the assessee on this ground is allowed

ITA 448/AHD/2023[2013-14]Status: DisposedITAT Ahmedabad25 Apr 2025AY 2013-14

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

For Appellant: NK Industries Ltd (Cross Appeals)
Section 250

Industries Ltd (Cross Appeals) AYs : 2010-11 & 2013-14 - 25– "(1) Whether the Tribunal was right in law in holding that taxability of waiver of loan would be governed by the purpose for which the loan was taken, in as much as, though waiver of loan taken/ utilized for acquiring ... capital asset does not constitute income, however, waiver of loan taken for the purpose of business/trading activity gives rise to income taxable under the Act ? and (2) Whether waiver of loan, a subsequent event has the effect of changing the nature and character of loan, a capital receipt into

N.K. Industries Ltd., Ahmedabad vs. The Dy.CIT, Circle-3(1)(1), Ahmedabad

In the result, the appeal of the assessee on this ground is allowed

ITA 447/AHD/2023[2010-11]Status: DisposedITAT Ahmedabad25 Apr 2025AY 2010-11

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

For Appellant: NK Industries Ltd (Cross Appeals)
Section 250

Industries Ltd (Cross Appeals) AYs : 2010-11 & 2013-14 - 25– "(1) Whether the Tribunal was right in law in holding that taxability of waiver of loan would be governed by the purpose for which the loan was taken, in as much as, though waiver of loan taken/ utilized for acquiring ... capital asset does not constitute income, however, waiver of loan taken for the purpose of business/trading activity gives rise to income taxable under the Act ? and (2) Whether waiver of loan, a subsequent event has the effect of changing the nature and character of loan, a capital receipt into

The Dy.CIT, Circle-3(1)(1)., Ahmedabad vs. N.K. Industries Ltd., Ahmedabad

In the result, the appeal of the assessee on this ground is allowed

ITA 443/AHD/2023[2013-14]Status: DisposedITAT Ahmedabad25 Apr 2025AY 2013-14

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

For Appellant: NK Industries Ltd (Cross Appeals)
Section 250

Industries Ltd (Cross Appeals) AYs : 2010-11 & 2013-14 - 25– "(1) Whether the Tribunal was right in law in holding that taxability of waiver of loan would be governed by the purpose for which the loan was taken, in as much as, though waiver of loan taken/ utilized for acquiring ... capital asset does not constitute income, however, waiver of loan taken for the purpose of business/trading activity gives rise to income taxable under the Act ? and (2) Whether waiver of loan, a subsequent event has the effect of changing the nature and character of loan, a capital receipt into

The Dy.CIT, Circle-3(1)(1)., Ahmedabad vs. N.K. Industries Ltd., Ahmedabad

In the result, the appeal of the assessee on this ground is allowed

ITA 442/AHD/2023[2010-11]Status: DisposedITAT Ahmedabad25 Apr 2025AY 2010-11

Bench: Dr. B.R.R. Kumarms. Suchitra Kamble

For Appellant: NK Industries Ltd (Cross Appeals)
Section 250

Industries Ltd (Cross Appeals) AYs : 2010-11 & 2013-14 - 25– "(1) Whether the Tribunal was right in law in holding that taxability of waiver of loan would be governed by the purpose for which the loan was taken, in as much as, though waiver of loan taken/ utilized for acquiring ... capital asset does not constitute income, however, waiver of loan taken for the purpose of business/trading activity gives rise to income taxable under the Act ? and (2) Whether waiver of loan, a subsequent event has the effect of changing the nature and character of loan, a capital receipt into

Ajay Bakliwal, Kota vs. ACIT, Central Circle, Kota

In the result, the appeal of the assessee is allowed

ITA 1279/JPR/2024[2017-18]Status: DisposedITAT Jaipur11 Apr 2025AY 2017-18

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Sh. Rajendra Sisodia, AdvFor Respondent: Mrs. Anita Rinesh, JCIT-DR
Section 132(1)Section 139Section 143(3)Section 153ASection 154Section 270A

assessing income on the basis of return flied on 11.08 2018 wherein income of Rs. 3.00 Crore was surrendered on account of waiver of loan in respect of the credit standing in the name of Shri R.K Verma This was so because firstly there was no waiver of loan ... Bakliwal vs. ACIT The amount of Rs. 3.00 crore remained payable upto 31.03.02019 as per Affidavit filed by Shri RK Verma. Secondly also waiver of loan does not result income. This is so held by Supreme Court in the case of Mahindra and Mahindra cited supra. Thus the determination

Plr Textiles Ltd., Chennai vs. The ACIT, Corporate Circle-5(2), Chennai

In the result the appeal of the assessee is partly allowed

ITA 133/CHNY/2021[2005-06]Status: DisposedITAT Chennai27 Mar 2025AY 2005-06

Bench: Shri Aby T Varkey & Shri S. R. Raghunathaआयकरअपीलसं./Ita No.: 133/Chny/2021 िनधा"रणवष" / Assessment Year: 2005-06 Plr Textiles Ltd., The Acit, 8K, Century Plaza, V. Corporate Circle -5(2), 560-562, Mount Road, Chennai – 641 034. Chennai – 600 018. [Pan: Aaacp-6536-D] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ"कीओरसे/Appellant By : Mr. R. Vijayaraghavan, Advocate ""थ"कीओरसे/Respondent By : Ms. Anitha, Addl. Cit सुनवाई की तारीख/Date Of Hearing : 06.02.2025 घोषणा की तारीख/Date Of Pronouncement : 27.03.2025 आदेश /O R D E R Per S. R. Raghunatha: This Appeal By The Assessee Is Filed Against The Order Of The Commissioner Of Income Tax (Appeals)-3, Chennai, Vide Ita No.153/Cit(A)-3/2018-19For The Assessment Year 2005-06, Dated 13.03.2020. 2. At The Outset, We Find That There Is A Delay Of 346 Days In Appeal Filed By The Assessee, For Which Petition For Condonation Of Delay Along With Reasons For Delay Has Been Filed. After Considering The Petition Filed By The Assessee, Reason For Delay In Filing The Appeal Was Due To Covid-19 Pandemic & Also Hearing Both The :-2-:

For Appellant: Mr. R. Vijayaraghavan, AdvocateFor Respondent: Ms. Anitha, Addl. CIT
Section 143(1)Section 143(3)Section 41(1)

Later the case was reopened for the reason that the brought forward business loss for the A.Y.1999- 2000 was set off erroneously and waiver of loan was inadvertently deducted from prior income. The AO passed an order u/s.143(3) r.w.s.147 of the Act on 30.12.2010 by adding the waiver ... Thus, the assessee succeeds in all the grounds raised on this issue. 18. The next issue raised by the assessee is that the waiver of loan from bank of Ceylon is wrongly brought to tax u/s.41(1) of the Act to the tune of Rs.2,39,57,911/-. We note

Dy. Commissioner of Income Tax, Central Circle-1(2), Hyderabad vs. Amsri Builders, Secunderabad

ITA 1898/HYD/2018[2011-12]Status: DisposedITAT Hyderabad13 Mar 2025AY 2011-12

Bench: Shri Manjunatha G. Hon'Ble & Shri K. Narasimha Chary Hon'Ble

For Appellant: Shri K.C. Devdas, C.AFor Respondent: Smt. M. Narmada, CIT-DR
Section 132Section 153ASection 28

waiver of part of the principal or interest repayable, or a complete waiver of both the loan as well as interest amounts. Hence, waiver of loan by the creditor results in the debtor having extra cash in his hand. It is receipt in the hands of the debtor/assessee. The short ... cogent issue in the instant case arises whether waiver of loan by the creditor is taxable as a perquisite under Section 28 (iv) of the IT Act or taxable as a remission of liability under Section 41 (1) of the IT Act. 12) The first issue is the applicability

Dy. Commissioner of Income Tax, Central Circle-1(2), Hyderabad vs. Amsri Builders, Secunderabad

In the result, the appeal of the Revenue for A

ITA 1897/HYD/2018[2010-11]Status: DisposedITAT Hyderabad13 Mar 2025AY 2010-11

Bench: Shri Manjunatha G. Hon’Ble & Shri K. Narasimha Chary Hon’Ble

For Appellant: Shri K.C. Devdas, C.AFor Respondent: Smt. M. Narmada, CIT-DR
Section 132Section 153ASection 28

waiver of part of the principal or interest repayable, or a complete waiver of both the loan as well as interest amounts. Hence, waiver of loan by the creditor results in the debtor having extra cash in his hand. It is receipt in the hands of the debtor/assessee. The short ... cogent issue in the instant case arises whether waiver of loan by the creditor is taxable as a perquisite under Section 28 (iv) of the IT Act or taxable as a remission of liability under Section 41 (1) of the IT Act. 12) The first issue is the applicability

Dsp Adiko Holding Pvt Ltd, Mumba vs. Dy. CIT - Circle 2(1)(1), Mumbai

In the result, appeal of the assessee is allowed

ITA 177/MUM/2025[2017-18]Status: DisposedITAT Mumbai28 Feb 2025AY 2017-18

Bench: SHRI AMIT SHUKLA (Judicial Member), MS. PADMAVATHY S (Accountant Member)

Section 143(3)Section 28Section 36(1)Section 36(1)(vii)Section 41(1)

under Section 28(iv) or Section 41(1). The appellant argued that the Mahindra & Mahindra decision is not applicable, as it pertains to waiver of loans, not to non-recovery. 6.6 The facts of the case reveal that the appellant wrote off the loan amount ... judgment of the Hon’ble Supreme Court in the case of CIT vs. Mahindra and Mahindra Ltd., (supra) where the issue was of waiver of loan and whether the amount can be held to be taxable in the hands of the recipient. Here in this case assessee has given loan

DCIT, Circle-1(1), Hyderabad vs. Prakash Nimmagadda, Hyderabad, Secunderabad

In the result, appeal filed by the Revenue is dismissed

ITA 974/HYD/2017[2008-09]Status: DisposedITAT Hyderabad16 Dec 2024AY 2008-09

Bench: Shri Vijay Pal Rao, Vice-A N D Shri Manjunatha, G.आ.अपी.सं /Ita No.974/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2008-09) Dy.Cit Vs. Shri Prakash Nimmagadda Circle 1(1) Hyderabad Hyderabad Pan:Acbpn4246R (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri K.C. Devdas, Ca राज" व "ारा/Revenue By:: Dr. Meghnath Chowhan, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 06/11/2024 घोषणा की तारीख/Pronouncement: 16/12/2024 आदेश/Order Per Vijay Pal Raothis Appeal Filed By The Revenue Is Directed Against The Order, Dated 20/03/2017 Of The Learned Cit (A)-9, Hyderabad, Relating To A.Y.2008-09. 2. The Revenue Has Raised The Following Grounds:

For Appellant: Shri K.C. Devdas, CAFor Respondent: : Dr. Meghnath Chowhan, CIT(DR)
Section 17(2)(c)Section 28

matter of record that the amount of Rs. 57,74,064/- is having received as cash receipt due to the waiver of loan. Therefore, the very first condition of Section 28 (iv) of the IT Act which says any benefit or perquisite arising from the business shall

Assistant Commissioner of Income Tax, Circle-6(1)(1), Bangalore vs. Sony India Software Centre Pvt Ltd, Bellandur, Bangalore

ITA 1550/BANG/2024[2017-18]Status: DisposedITAT Bangalore13 Dec 2024AY 2017-18

Bench: Shri Prashant Maharishi & Shri Prakash Chand Yadavassessment Year : 2017-18

For Appellant: Shri Narendra Kumar Jain, AdvocateFor Respondent: Shri D.K. Mishra, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 195Section 28Section 40a

court in case of CIT V Mahindra & Mahindra Limited [2018] 93 taxmann.com 32 (SC)/ [2018] 255 Taxman 305 (SC) was on issue of waiver of loan whether taxable u/s 41 (1) of the & CO 43/Bang/2024 Page 9 of 11 Act or U/s 28 (iv) of The Act. The issue before ... related to waiver of loan but, assets received by the assesse on returnable basis for the purposes of carrying out the work of assessee’s AE. 20. Provisions of section 28 (iv) taxes value of any benefit or perquisites arising from exercise of business or profession. In this case

DCIT, Circle-5(1)(1), Aayakar Bhawan vs. Coffer Construction Technology Pvt. Ltd., Tardeo

ITA 3046/MUM/2023[2015-16]Status: DisposedITAT Mumbai25 Oct 2024AY 2015-16

Bench: Shri Narendra Kumar Billaiya, Hon'Ble & Shri Raj Kumar Chauhan, Hon'Ble

For Appellant: Shri Mihir Naniwadekar & Shri Rohan Deshpande, A/RFor Respondent: Shri Krishna Kumar, Sr. D/R
Section 115JSection 3(4)Section 43(1)

ignoring that it has been rendered in respect of the nature of receipt (le. whether Revenue or Capital) by way of waiver of loan, where as the issue involved in this appeal is allowability of depreciation claimed by the assessee on the inflated cost. 5. "Whether on the facts ... loan. On 16/09/2010, the assessee paid US$ 400,000 (INR 2,01,20,000) and entered into an agreement with ECB holder for waiver of loan. The said waiver of loan was treated as capital receipt and shown as non-taxable. 4.1. The AO was of the opinion that

The Dy. Commissioner of Income Tax, Circle-2(1)(1), Baroda vs. M/S. Sun Pharma Laboratories Ltd., Mumbai

In the result, the Department’s appeal is partly allowed

ITA 741/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad09 Oct 2024AY 2015-16

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 36(1)(va)Section 37(1)Section 80Section 80I

pertains to Corporate Debt Restructuring (hereinafter referred to as 'the CDR') expenses of Rs.2.57 crore on payment to financial consultants in connection with waiver of loans, the Assessing Officer noted that the respondent-assessee paid the sum of Rs.2.57 crore to the financial consultant M/s. Brescon Corporate Advertisers

Sun Pharma Laboratories Ltd., Mumbai vs. The Dy. Commissioner of Income Tax, Circle-2(1)(1), Baroda

In the result, the Department’s appeal is partly allowed

ITA 712/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad09 Oct 2024AY 2015-16

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 115JSection 143(3)Section 14ASection 36(1)(va)Section 37(1)Section 80Section 80I

pertains to Corporate Debt Restructuring (hereinafter referred to as 'the CDR') expenses of Rs.2.57 crore on payment to financial consultants in connection with waiver of loans, the Assessing Officer noted that the respondent-assessee paid the sum of Rs.2.57 crore to the financial consultant M/s. Brescon Corporate Advertisers

Deputy Commissioner of Income Tax, Central Circle-2(3), Bangalore vs. Nsl Sugars Limited, Museum Road

In the result, appeal of the revenue and cross objection filed by the assessee are dismissed

ITA 907/BANG/2024[2021-22]Status: DisposedITAT Bangalore29 Aug 2024AY 2021-22

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K.Assessment Year: 2021-22

For Appellant: Sri T. Gandhi, A.R
Section 143(1)Section 41

correct. 4. The ld. A.R. at the time of arguments, filed a paper book consisting of cross objections in form No.36A, the waiver of loans income ledger extract, ledger copy of crop loan, non-operating income for the AY 2021-22 and the copy of ITR-6 in support ... filed by the assessee, ITA No.907/Bang/2024 & CO No.26/Bang/2024 NSL Sugars Limited, Bangalore Page 3 of 4 they have given the details about the waiver of loans income ledger for the period from 1.4.2020 to 31.3.2021 and also the ITR 6 and we found that in sl.no.14 (xi), the assessee

Dy. Commissioner of Income Tax, Circle- 1(1), Hyderabad vs. Union Bank of India, Hyderabad

In the result, the appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

ITA 1230/HYD/2017[2012-13]Status: DisposedITAT Hyderabad28 Aug 2024AY 2012-13

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.1018/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2012-13) Andhra Bank Vs. Dy. C. I. T. Hyderabad Circle 1(1) Pan:Aabca7375C Hyderabad (Appellant) (Respondent) आ.अपी.सं /Ita No.1230/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2012-13 ) Dy. C. I. T. Vs. Andhra Bank Circle 1(1) Hyderabad Hyderabad Pan:Aabca7375C (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri Ananthan, Ca राज" व "ारा/Revenue By:: Shri Kumar Pranav, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 02/07/2024 घोषणा की तारीख/Pronouncement: 28/08/2024 आदेश/Order Per Manjunatha, G. A.M These Cross Appeals Filed By The Assessee, As Well As The Revenue, Are Directed Against The Order Dated 16/02/2016 Of Page 1 Of 59

For Appellant: Shri Ananthan, CAFor Respondent: : Shri Kumar Pranav, CIT(DR)
Section 36(1)(vi)Section 36(1)(vii)Section 36(1)(viia)Section 41(4)

Andhra Bank the said scheme, the appellant has received sum of Rs.21,21,73,183/- from Govt. of India as compensation for waiver of loans given to farmers. In the normal understanding of any person, any amount received from the State or Central Govt. in the form of a grant

Union Bank of India, Hyderabad vs. Dy. Commissisoner of Income Tax, Circle-1(1), Hyderabad

In the result, the appeals filed by the assessee as well as the Revenue are partly allowed for statistical purposes

ITA 1018/HYD/2017[2012-13]Status: DisposedITAT Hyderabad28 Aug 2024AY 2012-13

Bench: Shri Manjunatha, G. & Shri K. Narasimha Charyआ.अपी.सं /Ita No.1018/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2012-13) Andhra Bank Vs. Dy. C. I. T. Hyderabad Circle 1(1) Pan:Aabca7375C Hyderabad (Appellant) (Respondent) आ.अपी.सं /Ita No.1230/Hyd/2017 (िनधा"रण वष"/Assessment Year: 2012-13 ) Dy. C. I. T. Vs. Andhra Bank Circle 1(1) Hyderabad Hyderabad Pan:Aabca7375C (Appellant) (Respondent) िनधा""रती "ारा/Assessee By: Shri Ananthan, Ca राज" व "ारा/Revenue By:: Shri Kumar Pranav, Cit(Dr) सुनवाई की तारीख/Date Of Hearing: 02/07/2024 घोषणा की तारीख/Pronouncement: 28/08/2024 आदेश/Order Per Manjunatha, G. A.M These Cross Appeals Filed By The Assessee, As Well As The Revenue, Are Directed Against The Order Dated 16/02/2016 Of Page 1 Of 59

For Appellant: Shri Ananthan, CAFor Respondent: : Shri Kumar Pranav, CIT(DR)
Section 36(1)(vi)Section 36(1)(vii)Section 36(1)(viia)Section 41(4)

Andhra Bank the said scheme, the appellant has received sum of Rs.21,21,73,183/- from Govt. of India as compensation for waiver of loans given to farmers. In the normal understanding of any person, any amount received from the State or Central Govt. in the form of a grant

Dy. Commissioner of Income Tax, Chennai vs. Napc Pvt. Ltd., Chennai

ITA 623/CHNY/2024[2018-19]Status: DisposedITAT Chennai14 Aug 2024AY 2018-19

Bench: Shri Manu Kumar Giri, Hon'Ble & Shri S. R. Raghunatha, Hon'Bleआयकरअपीलसं./Ita No.: 623/Chny/2024 निर्धारणवर्ष / Assessment Year: 2018-19 Dy. Commissioner Of Income Tax, Central Circle-2(1) No. 46, M.G. Road, Nungambakkam, Chennai - 600 034. (अपीलार्थी/Appellant) अपीलार्थी की ओर से/Appellant By प्रत्यर्थी की ओर से/Respondent By सुनवाईकीतारीख/Date Of Hearing घोषणाकीतारीख/Date Of Pronouncement : V. : Shri. : Shri. : 01.07.2024 : 14.08.2024 Napc Pvt Ltd., No.3, 6Th Floor, Apex Plaza, Nungambakkam High Road, Nungambakkam – 600 034. [Pan: Aaccn-3625-P] (प्रत्यर्थी/Respondent) V. Nandakumar, Cit T. Banusekar, Advocate & Shri. Suraj Nahar, Ca आदेश /Order Per S. R. Raghunatha: This Appeal By The Revenue Is Filed Against The Order Of The Commissioner Of Income Tax (Appeals), Chennai-19, For The

Section 143(1)Section 143(3)Section 145(3)Section 36(1)(va)Section 41(1)Section 43C

entire addition made on this account. 4 The Ld.CIT(A) erred in deleting the addition of Rs.23,91,28,611/- made towards waiver of loan amount holding that the principal amount waived is not in the nature of trading liability but only financial liability, hence provision ofSec.41 ... applicable in this case. 4.1 The Ld.CIT(A) failed to appreciate that waiver of loan taken for trading purposes is taxable (ie) working capital borrowing waived by banks or financial service providers in view of decision of Delhi High Court in the case of Logitronics

Hero Motocorp Ltd (As Successor of Hero Investment P.Ltd), New Delhi vs. DCIT, Circle 11(1), New Delhi

The appeal is allowed

ITA 1053/DEL/2023[2011-12]Status: DisposedITAT Delhi24 Jul 2024AY 2011-12

Bench: Shri G.S. Pannu & Shri Anubhav Sharmaassessment Year: 2011-12

Section 143(3)

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “B”: NEW DELHI BEFORE SHRI G.S. PANNU, VICE PRESIDENT AND SHRI ANUBHAV