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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Rent income from subleasing can not be taxed under income from house property’

Prestige Estate Projects Pvt. Ltd. Vs. DCIT (ITAT Bangalore)

As per the lease agreement, the assessee agreed to create a laase in favour of the tenant m respect of the premises, which is part of the building known as 'The Forum'. The tenant as well as its bonafide visitors, guests, customers, clients, employees have a right of ingress to and egress from the premises by use of entrances, landings, p...

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