https://www.taxtmi.com/caselaws?id=344811 The ITAT upheld the decision of the Ld. CIT(A) to delete the addition of Rs. 1,21,02,913/- on account of a loan waiver for the assessment year 2008-09. The tribunal found that the waiver was related to interest and not the principal loan amount, and since it was not claimed as expenditure, it could not be considered as cessation of liability or business benefit. The department's appeal was dismissed, affirming the deletion of the addition, with no interference deemed necessary. en-us Thu, 08 Jun 2017 00:00:00 +0530 Wed, 28 Jun 2017 08:26:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344811 The ITAT upheld the decision of the Ld. CIT(A) to delete the addition of Rs. 1,21,02,913/- on account of a loan waiver for the assessment year 2008-09. The tribunal found that the waiver was related to interest and not the principal loan amount, and since it was not claimed as expenditure, it could not be considered as cessation of liability or business benefit. The department's appeal was dismissed, affirming the deletion of the addition, with no interference deemed necessary. Case-Laws Income Tax Thu, 08 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344811