No tax on Loan Waiver for Capital Assets Acquisition under Section 28(iv): ITAT

ITO Vs Meyer Apparel Pvt. Ltd (ITAT Delhi) In a recent case, the Income Tax Appellate Tribunal (ITAT) Delhi delivered a significant verdict in the matter of ITO vs. Meyer Apparel Pvt. Ltd., challenging the order of the Commissioner of Income Tax (Appeals) [CIT(A)] for the assessment year 2006-07. The crux of the dispute revolved around the addition of Rs. 3,70,00,000 made by the Assessing Officer (AO) under section 28(iv) of the Income Tax Act, 1961 [the Act]. Background of the Case The Revenue contended that the CIT(A) erred in justifying the deletion of the addition of Rs. 3,70,00,000, argui...