Case Law Details
Case Name : Accelerated Freez & Drying Co. Ltd. Vs DCIT (ITAT Cochin)
Related Assessment Year :
Courts :
All ITAT ITAT Cochin
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RELEVANT PARAGRAPH
19. First we will marshal the facts of the present case. The assessee had availed terms loans from three banks, viz. ICICI Bank Ltd., Standard Chartered Bank Ltd. and Sumitomo Mitsui Banking Corporation (SMBC), Hong Kong. These terms loans were availed by the assessee company for the purpose of acquiring capital assets necessarily to be deployed in the manufacturing system of the assessee company. The assessee company became de-faulter in maki
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Is the waiver of Cash Credit or other short term loans assessable income of the assesee ?