https://www.taxtmi.com/caselaws?id=272045 Waiver of the principal amount of a loan taken on capital account for plant and machinery was held not taxable under sections 28(iv) or 41(1), because the remission did not relate to any trading liability or expenditure earlier allowed as a deduction. Excise duty was also not required to be added to closing stock under section 145A where the goods were still in warehouse and duty became payable only on clearance. On both issues, the assessee's position was accepted and the revenue's addition was deleted. en-us Fri, 22 Jan 2016 00:00:00 +0530 Thu, 25 Feb 2016 08:51:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272045 Waiver of the principal amount of a loan taken on capital account for plant and machinery was held not taxable under sections 28(iv) or 41(1), because the remission did not relate to any trading liability or expenditure earlier allowed as a deduction. Excise duty was also not required to be added to closing stock under section 145A where the goods were still in warehouse and duty became payable only on clearance. On both issues, the assessee's position was accepted and the revenue's addition was deleted. Case-Laws Income Tax Fri, 22 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272045