https://www.taxtmi.com/caselaws?id=271821 The High Court dismissed the revenue's appeal, upholding the Tribunal's decision on the correct interpretation of Section 41(1) of the Income-tax Act, treatment of loan transactions on the capital account, and application of legal precedents in determining tax liability. The judgment emphasized that the mere cessation of liability does not automatically trigger Section 41(1) provisions, particularly when the waived liability was not claimed as revenue expenditure. en-us Mon, 15 Feb 2016 00:00:00 +0530 Thu, 18 Feb 2016 07:07:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271821 The High Court dismissed the revenue's appeal, upholding the Tribunal's decision on the correct interpretation of Section 41(1) of the Income-tax Act, treatment of loan transactions on the capital account, and application of legal precedents in determining tax liability. The judgment emphasized that the mere cessation of liability does not automatically trigger Section 41(1) provisions, particularly when the waived liability was not claimed as revenue expenditure. Case-Laws Income Tax Mon, 15 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271821