ASSISTANT COMMISSIONER OF INCOME TAX, PANCHKULA CIRCLE, PANCHKULA, PANCHKULA vs. VENUS REMEDIES LIMITED, CHANDIGARH
In the result, the appeal of the Revenue is dismissed
ITA 378/CHANDI/2024[2020-21]Status: DisposedITAT Chandigarh28 May 2025AY 2020-21
Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. MANOJ KUMAR AGGARWAL (Accountant Member)
For Appellant: Shri Rajesh Sethi, Sr. Advocate with Shri Jaspoal Sharma, AdvocateFor Respondent: Smt. Kusum Bansal, CIT, DR (Virtual Mode)
Section 251(1)(a)Section 28Section 41(1)
2. Whether on the facts and circumstances of the case, the Ld. CIT(A) has not erred in following the judgment of the Hon'ble Apex Court in the case of Mahindra & Mahindra Ltd. (2018) without appreciating the fact that the loan taken by the assessee was for working capital and waiver of it was a taxable receipt under