https://www.taxtmi.com/caselaws?id=200773 The Appellate Tribunal upheld the addition of Rs. 1,27,53,855 on account of the waiver of a cash credit loan for A.Y. 2009-10, citing precedents distinguishing taxable waivers based on the loan's purpose. Additionally, the Tribunal confirmed the deletion of the section 35(2AB) addition for A.Y. 2008-09, accepting an alternate form of approval for the deduction. Furthermore, the Tribunal upheld the deletion of the addition related to the principal amount of a waived loan for the same assessment year, emphasizing that the waiver was not taxable as the loan was for asset acquisition. The Tribunal dismissed appeals from both the assessee and the revenue, affirming the decisions on all three issues. en-us Wed, 28 May 2014 00:00:00 +0530 Mon, 23 Apr 2018 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200773 The Appellate Tribunal upheld the addition of Rs. 1,27,53,855 on account of the waiver of a cash credit loan for A.Y. 2009-10, citing precedents distinguishing taxable waivers based on the loan's purpose. Additionally, the Tribunal confirmed the deletion of the section 35(2AB) addition for A.Y. 2008-09, accepting an alternate form of approval for the deduction. Furthermore, the Tribunal upheld the deletion of the addition related to the principal amount of a waived loan for the same assessment year, emphasizing that the waiver was not taxable as the loan was for asset acquisition. The Tribunal dismissed appeals from both the assessee and the revenue, affirming the decisions on all three issues. Case-Laws Income Tax Wed, 28 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200773