https://www.taxtmi.com/caselaws?id=239657 The Tribunal held that the waiver of the principal amount of the loan could not be considered as income under section 41(1) of the Income Tax Act as it was a capital receipt for purchasing assets, not a trading transaction. The Tribunal also found that the provisions of section 115JB were not applicable as the carry forward losses and depreciation exceeded the profit for the year. The Tribunal concluded that the CIT's directions were erroneous, lacked jurisdiction under section 263, and allowed the Assessee's appeal, canceling the CIT's directions. en-us Wed, 13 Nov 2013 00:00:00 +0530 Tue, 19 Nov 2013 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=239657 The Tribunal held that the waiver of the principal amount of the loan could not be considered as income under section 41(1) of the Income Tax Act as it was a capital receipt for purchasing assets, not a trading transaction. The Tribunal also found that the provisions of section 115JB were not applicable as the carry forward losses and depreciation exceeded the profit for the year. The Tribunal concluded that the CIT's directions were erroneous, lacked jurisdiction under section 263, and allowed the Assessee's appeal, canceling the CIT's directions. Case-Laws Income Tax Wed, 13 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=239657