https://www.taxtmi.com/caselaws?id=254626 The Tribunal dismissed both the Revenue's and assessee's cross appeals against the CIT(A)'s order for Assessment Year 2005-06 regarding the deletion of addition made under section 28(iv) r.w.s. 41 r.w. explanation 2(iv) of the Income-tax Act, 1961. The decision was based on the interpretation of legal provisions and previous judicial decisions, emphasizing the treatment of loan waivers and the necessity of prior deductions for invoking relevant tax sections. The judgment underscored the importance of considering the nature of waived amounts in determining tax liability, ultimately leading to the dismissal of the appeals. en-us Tue, 23 Dec 2014 00:00:00 +0530 Sat, 27 Dec 2014 08:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254626 The Tribunal dismissed both the Revenue's and assessee's cross appeals against the CIT(A)'s order for Assessment Year 2005-06 regarding the deletion of addition made under section 28(iv) r.w.s. 41 r.w. explanation 2(iv) of the Income-tax Act, 1961. The decision was based on the interpretation of legal provisions and previous judicial decisions, emphasizing the treatment of loan waivers and the necessity of prior deductions for invoking relevant tax sections. The judgment underscored the importance of considering the nature of waived amounts in determining tax liability, ultimately leading to the dismissal of the appeals. Case-Laws Income Tax Tue, 23 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254626