https://www.taxtmi.com/caselaws?id=182595 The Court dismissed the Revenue's appeal challenging the ITAT order regarding the nature of the amount received by the assessee, totaling Rs. 50.96 lakhs. The Court held that the loan taken for the purchase of machinery was on capital account, not revenue, and therefore not subject to income tax. It was determined that Section 41(1) of the Act did not apply as the loan was for capital purposes and not treated as revenue expenditure in earlier years. The Court ruled in favor of the respondent, limiting the benefit to the originally received loan amount of Rs. 33.42 lakhs. en-us Thu, 09 Apr 2015 00:00:00 +0530 Sat, 14 May 2016 10:22:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182595 The Court dismissed the Revenue's appeal challenging the ITAT order regarding the nature of the amount received by the assessee, totaling Rs. 50.96 lakhs. The Court held that the loan taken for the purchase of machinery was on capital account, not revenue, and therefore not subject to income tax. It was determined that Section 41(1) of the Act did not apply as the loan was for capital purposes and not treated as revenue expenditure in earlier years. The Court ruled in favor of the respondent, limiting the benefit to the originally received loan amount of Rs. 33.42 lakhs. Case-Laws Income Tax Thu, 09 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182595