Case Law Details
Case Name : CIT Vs V. S. Dempo & Company Ltd. (Goa High Court)
Related Assessment Year :
Courts :
All High Courts Goa High Court
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Brief of the case
In the case of The Commissioner of Income Tax vs. V. S. Dempo & Company Ltd, Goa High Court has held that the principal amount of loan taken for purchase of capital assets was on capital account and therefore on cessation of its repayment there is no occasion to apply Section 41 (1) of the Act. And resultant income should only be treated as capital receipt.
Facts of the case
1. For the assessment year 1987-1988, the respondent filed a return of income on 30/7/1987 declaring a total income of Rs.50.02 lakhs. During the course of assessment proceedings, it was noticed that...
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Sir,
Whether the liability ceased only with respect to principle amount without giving effect of FEF will not be chargeable to tax u/s 28 in these types of cases.
Regards,
Shishir