https://www.taxtmi.com/caselaws?id=263233 The ITAT partly allowed the Revenue's appeal, ruling in favor of the Revenue on the issue of waiver of principal loan amount as a capital receipt. However, the ITAT upheld the CIT (A)'s direction on the correct computation of brought forward losses and book profits. Additionally, the ITAT allowed the assessee's cross-objection, disagreeing with the CIT (A)'s direction to reopen earlier assessment years and adjust the cost of assets. The ITAT emphasized the importance of following legal principles and directed the AO to recalculate the figures in accordance with the law, highlighting the complexities in tax assessments and the significance of adhering to legal precedents. en-us Wed, 29 Jul 2015 00:00:00 +0530 Sat, 29 Aug 2015 05:57:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263233 The ITAT partly allowed the Revenue's appeal, ruling in favor of the Revenue on the issue of waiver of principal loan amount as a capital receipt. However, the ITAT upheld the CIT (A)'s direction on the correct computation of brought forward losses and book profits. Additionally, the ITAT allowed the assessee's cross-objection, disagreeing with the CIT (A)'s direction to reopen earlier assessment years and adjust the cost of assets. The ITAT emphasized the importance of following legal principles and directed the AO to recalculate the figures in accordance with the law, highlighting the complexities in tax assessments and the significance of adhering to legal precedents. Case-Laws Income Tax Wed, 29 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263233