Case Law Details
Case Name : Commissioner Vs Mahindra And Mahindra Ltd. (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
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Commissioner Vs Mahindra And Mahindra Ltd. (Supreme Court of India)
(a) Section 28(iv) of the IT Act does not apply on the present case since the receipts of Rs 57,74,064/- are in the nature of cash or money.
(b) Section 41(1) of the IT Act does not apply since waiver of loan does not amount to cessation of trading liability. It is a matter of record that the Respondent has not claimed any deduction under Section 36 (1) (iii) of the IT Act qua the payment of interest in any previous year.
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