In the result, both the appeals of the assessee are allowed
Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita Nos.410 & 411/Mds/2016 "नधा"रण वष" / Assessment Years : 2007-08 & 2008-09 M/S Abhayam Trading Limited (Formerly Known As Apple Credit The Deputy Commissioner Of Corporation Limited), V. Income Tax, No.2, Gokul Arcade, 1St Floor, Corporate Circle 1(1), Sardar Patel Road, Adyar, Chennai - 600 034. Chennai - 600 020. Pan : Aacca 2996 C (अपीलाथ"/Appellant) (""यथ"/Respondent)
115J of the Act. 8. On the contrary, Shri B. Koteswara Rao, the Ld. Departmental Representative, submitted that the assessee borrowed loan from several banking institutions and the same was settled by one-time payment. Therefore, the banking institutions waived their claim for providing one-time settlement. The payment of one-time settlement was the subject matter of litigation before