https://www.taxtmi.com/caselaws?id=180510 The Appellate Tribunal dismissed the appeal challenging the deletion of unclaimed unsecured loans addition under the Income-tax Act. The Tribunal found the loans were not obligatory to be paid back, hence not constituting income under the Act. The Tribunal distinguished a prior case, determining the loans were capital in nature and had not been written off to the profit and loss account. As the liability had not ceased to exist and no benefit had been derived from it, the deletion of the addition was upheld, affirming the decision of the ld. CIT(Appeals). en-us Fri, 25 Mar 2011 00:00:00 +0530 Mon, 28 Mar 2016 11:22:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180510 The Appellate Tribunal dismissed the appeal challenging the deletion of unclaimed unsecured loans addition under the Income-tax Act. The Tribunal found the loans were not obligatory to be paid back, hence not constituting income under the Act. The Tribunal distinguished a prior case, determining the loans were capital in nature and had not been written off to the profit and loss account. As the liability had not ceased to exist and no benefit had been derived from it, the deletion of the addition was upheld, affirming the decision of the ld. CIT(Appeals). Case-Laws Income Tax Fri, 25 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180510