https://www.taxtmi.com/caselaws?id=237129 The Tribunal partly allowed the appeal in the case. It directed the Assessing Officer to re-examine the waiver amount to distinguish between principal and interest portions, applying Section 41(1) only to the interest waived. Additionally, the Tribunal ruled in favor of the assessee on the depreciation rate for electrical fittings, maintaining it at 25%. The Tribunal also allowed the carry forward of the loss, overturning the CIT(A)'s decision to enhance income by disallowing expenses due to the lack of business activity. en-us Wed, 25 Apr 2012 00:00:00 +0530 Thu, 19 Sep 2013 11:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=237129 The Tribunal partly allowed the appeal in the case. It directed the Assessing Officer to re-examine the waiver amount to distinguish between principal and interest portions, applying Section 41(1) only to the interest waived. Additionally, the Tribunal ruled in favor of the assessee on the depreciation rate for electrical fittings, maintaining it at 25%. The Tribunal also allowed the carry forward of the loss, overturning the CIT(A)'s decision to enhance income by disallowing expenses due to the lack of business activity. Case-Laws Income Tax Wed, 25 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=237129