Case Law Details
Case Name : Accelerated Freez & Drying Co. Ltd. Vs DCIT (ITAT Cochin)
Related Assessment Year :
Courts :
All ITAT ITAT Cochin
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 making the repayments of the installments of term loans along with interest mainly due to its bad financial position. At that point of tim...
This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Kindly Refer to
Privacy Policy &
Complete Terms of Use and Disclaimer.
Is the waiver of Cash Credit or other short term loans assessable income of the assesee ?