https://www.taxtmi.com/caselaws?id=191857 The High Court ruled against the assessee, holding that the waived interest was taxable under Sec.41(1) of the Act. The court emphasized the significance of specific provisions of the Act, implications of amalgamation, and interpretation of legal precedents in determining taxability. The court disagreed with the assessee's arguments based on the Saraswathi Industrial Syndicate Ltd. case, highlighting the importance of considering the benefit of carry forward losses in the present scenario. The court criticized the lower authorities for not properly applying Section 72-A in assessing the waived interest as income. en-us Tue, 05 Apr 2005 00:00:00 +0530 Thu, 27 Apr 2017 18:21:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191857 The High Court ruled against the assessee, holding that the waived interest was taxable under Sec.41(1) of the Act. The court emphasized the significance of specific provisions of the Act, implications of amalgamation, and interpretation of legal precedents in determining taxability. The court disagreed with the assessee's arguments based on the Saraswathi Industrial Syndicate Ltd. case, highlighting the importance of considering the benefit of carry forward losses in the present scenario. The court criticized the lower authorities for not properly applying Section 72-A in assessing the waived interest as income. Case-Laws Income Tax Tue, 05 Apr 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191857