https://www.taxtmi.com/caselaws?id=341077 The Tribunal held that the waiver of dues and principal portion of the loan should not be included in the net profit while computing book profits under Section 115JB as they were capital receipts. The Tribunal also ruled that the waiver of loans used for acquiring capital assets cannot be taxed under Section 41(1). Consequently, the assessee's appeal was partly allowed, and the Revenue's appeal was dismissed based on the interpretation of relevant tax laws and accounting standards. en-us Fri, 13 Jan 2017 00:00:00 +0530 Sat, 01 Apr 2017 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341077 The Tribunal held that the waiver of dues and principal portion of the loan should not be included in the net profit while computing book profits under Section 115JB as they were capital receipts. The Tribunal also ruled that the waiver of loans used for acquiring capital assets cannot be taxed under Section 41(1). Consequently, the assessee's appeal was partly allowed, and the Revenue's appeal was dismissed based on the interpretation of relevant tax laws and accounting standards. Case-Laws Income Tax Fri, 13 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341077