https://www.taxtmi.com/caselaws?id=191308 The appeal filed by the Revenue against the deletion of an addition of Rs. 4,04,02,671/- on account of cessation of liability was dismissed. The AO's contention regarding the waiver of loan amount and its taxability under sections 28(iv) or 41(1) was refuted by the CIT(A), who found that the loan amount was utilized for repayment and not subject to taxation. The CIT(A) also determined that there was no factual succession of business based on legal precedents, rendering the AO's addition legally unsustainable. The Tribunal upheld the CIT(A)'s decision, affirming the dismissal of the Revenue's appeal on 13th January 2016. en-us Wed, 13 Jan 2016 00:00:00 +0530 Thu, 30 Mar 2017 09:37:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191308 The appeal filed by the Revenue against the deletion of an addition of Rs. 4,04,02,671/- on account of cessation of liability was dismissed. The AO's contention regarding the waiver of loan amount and its taxability under sections 28(iv) or 41(1) was refuted by the CIT(A), who found that the loan amount was utilized for repayment and not subject to taxation. The CIT(A) also determined that there was no factual succession of business based on legal precedents, rendering the AO's addition legally unsustainable. The Tribunal upheld the CIT(A)'s decision, affirming the dismissal of the Revenue's appeal on 13th January 2016. Case-Laws Income Tax Wed, 13 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191308