itat

No reduction in WDV of fixed assets upon waiver of bank loan

DCIT Vs. Adya Oil & Chemicals Ltd. (ITAT Mum­bai)

Mumbai Bench of ITAT observed that the term loan from IDBI was borrowed by the assessee for the purpose of acquiring a capital asset. Accordingly, ITAT held that the waiver of loan from IDBI was a capital receipt and not taxable u/s 28(iv) or 41(1). ITAT observed that the remission or reduction of liability, which is created on capital ac...

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