https://www.taxtmi.com/caselaws?id=271992 The appeal was partly allowed for statistical purposes, and the case was remitted back to the Assessing Officer for further examination. The Assessing Officer's addition of the amount transferred from the capital reserve account to the Profit & Loss Account under prior period adjustment was upheld by the Commissioner of Income Tax (Appeals). However, the Appellate Tribunal found that the principal amount of the loan waived by the bank, which was transferred to the capital reserve account, should not be added to the income of the assessee in the year under consideration. The Tribunal emphasized that the liability no longer existed during the relevant year, and the matter required further assessment. en-us Fri, 15 Jan 2016 00:00:00 +0530 Wed, 24 Feb 2016 07:43:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271992 The appeal was partly allowed for statistical purposes, and the case was remitted back to the Assessing Officer for further examination. The Assessing Officer's addition of the amount transferred from the capital reserve account to the Profit & Loss Account under prior period adjustment was upheld by the Commissioner of Income Tax (Appeals). However, the Appellate Tribunal found that the principal amount of the loan waived by the bank, which was transferred to the capital reserve account, should not be added to the income of the assessee in the year under consideration. The Tribunal emphasized that the liability no longer existed during the relevant year, and the matter required further assessment. Case-Laws Income Tax Fri, 15 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271992