https://www.taxtmi.com/caselaws?id=360686 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decisions. The waiver of the principal amount of the IFCI loan was considered a capital receipt and not taxable under section 41(1). Distinction was made between the term loan for capital assets and the working capital loan, with the latter being deemed taxable income. Additionally, the deletion of the addition related to stores and spare parts was upheld due to insufficient evidence. The Tribunal's decision was rendered on 01.05.2018. en-us Tue, 01 May 2018 00:00:00 +0530 Mon, 21 May 2018 12:01:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360686 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decisions. The waiver of the principal amount of the IFCI loan was considered a capital receipt and not taxable under section 41(1). Distinction was made between the term loan for capital assets and the working capital loan, with the latter being deemed taxable income. Additionally, the deletion of the addition related to stores and spare parts was upheld due to insufficient evidence. The Tribunal's decision was rendered on 01.05.2018. Case-Laws Income Tax Tue, 01 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360686