Case Law Details
Case Name : Iskraemeco Regent Ltd. Vs. CIT (2011) 331 ITR 317 (Madras High Court)
Related Assessment Year :
Courts :
All High Courts Madras High Court
Iskraemeco Regent Ltd. Vs. CIT (2011) 331 ITR 317 (Madras High Court)- Can the waiver of principal amount of loan taken for purchase of capital asset by the bank be treated as “benefit arising out of business” or “a remission of trading liability” for tax ability as business income of the company?
The assessee company, engaged in the business of development, manufacturing and marketing of electro- mechanical and static energy meters, took a bank loan for purchase of capital assets. The grant of bank loan for purchase of a capital asset is a capital receipt and not a trading receipt. Th...
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hello experts,
My query is whether waiver of principal amount is to be deducted from the capital assets used for business or profession?