https://www.taxtmi.com/caselaws?id=349156 The Revenue's appeal against the CIT (A) order for the A.Y 2008-09 regarding the taxability of a principal waiver was dismissed. The waiver amount was deemed capital in nature and not taxable. The CIT (A) directed the Assessing Officer to consider the cost of acquisition of the capital assets connected to the loan amount as zero, leading to no reduction in depreciation. The decision was based on previous Tribunal rulings and the Apex court's decision in Goetze India Ltd. vs. 284 ITR 323. The Revenue's appeal and the assessee's cross objection were both dismissed. en-us Fri, 22 Sep 2017 00:00:00 +0530 Sat, 07 Oct 2017 09:00:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349156 The Revenue's appeal against the CIT (A) order for the A.Y 2008-09 regarding the taxability of a principal waiver was dismissed. The waiver amount was deemed capital in nature and not taxable. The CIT (A) directed the Assessing Officer to consider the cost of acquisition of the capital assets connected to the loan amount as zero, leading to no reduction in depreciation. The decision was based on previous Tribunal rulings and the Apex court's decision in Goetze India Ltd. vs. 284 ITR 323. The Revenue's appeal and the assessee's cross objection were both dismissed. Case-Laws Income Tax Fri, 22 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349156