https://www.taxtmi.com/caselaws?id=354634 The Court ruled in favor of the appellant, overturning the Tribunal's decision and confirming the CIT(A)'s order regarding the deletion of additions on account of the remission of the principal amount of a loan. It held that the loan was a capital investment, treated as a liability in the capital account, leading to the wiping out of the capital liability. The Court also addressed the issue of excise duty on closing stock, upholding the deletion of additions made by the ITAT. The treatment of employees' contribution to PF and ESI was left to be determined based on a Supreme Court decision. Ultimately, all issues were resolved in favor of the assessee. en-us Tue, 16 Jan 2018 00:00:00 +0530 Wed, 31 Jan 2018 16:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354634 The Court ruled in favor of the appellant, overturning the Tribunal's decision and confirming the CIT(A)'s order regarding the deletion of additions on account of the remission of the principal amount of a loan. It held that the loan was a capital investment, treated as a liability in the capital account, leading to the wiping out of the capital liability. The Court also addressed the issue of excise duty on closing stock, upholding the deletion of additions made by the ITAT. The treatment of employees' contribution to PF and ESI was left to be determined based on a Supreme Court decision. Ultimately, all issues were resolved in favor of the assessee. Case-Laws Income Tax Tue, 16 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354634