https://www.taxtmi.com/caselaws?id=351173 The tribunal granted condonation of delay for appeals filed late, admitting them for further proceedings. It held that waiver of loan amount constitutes income under Section 28(iv) of the Income-tax Act, rejecting the argument that it should be treated as a capital receipt. Pre-operative expenses deduction was disallowed as business operations had not commenced. The disallowance of depreciation was not pursued further as the CIT(Appeals) had already ruled in favor of the assessee. Both appeals were dismissed, affirming decisions on the waiver of loan assessment and pre-operative expenses disallowance. en-us Wed, 06 Sep 2017 00:00:00 +0530 Tue, 21 Nov 2017 08:49:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351173 The tribunal granted condonation of delay for appeals filed late, admitting them for further proceedings. It held that waiver of loan amount constitutes income under Section 28(iv) of the Income-tax Act, rejecting the argument that it should be treated as a capital receipt. Pre-operative expenses deduction was disallowed as business operations had not commenced. The disallowance of depreciation was not pursued further as the CIT(Appeals) had already ruled in favor of the assessee. Both appeals were dismissed, affirming decisions on the waiver of loan assessment and pre-operative expenses disallowance. Case-Laws Income Tax Wed, 06 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351173