https://www.taxtmi.com/caselaws?id=342513 The Tribunal upheld the CIT(A)'s decisions in the case. It ruled that the major repair expenses were revenue in nature and allowable as deductions, as they did not enhance the capacity or efficiency of the plant and machinery. Additionally, the waiver of the principal loan amount did not constitute taxable income under the relevant sections of the Income Tax Act, as it was used for capital transactions and not trading liabilities. The Revenue's appeal was dismissed on both grounds. en-us Wed, 03 May 2017 00:00:00 +0530 Sat, 06 May 2017 07:48:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342513 The Tribunal upheld the CIT(A)'s decisions in the case. It ruled that the major repair expenses were revenue in nature and allowable as deductions, as they did not enhance the capacity or efficiency of the plant and machinery. Additionally, the waiver of the principal loan amount did not constitute taxable income under the relevant sections of the Income Tax Act, as it was used for capital transactions and not trading liabilities. The Revenue's appeal was dismissed on both grounds. Case-Laws Income Tax Wed, 03 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342513