https://www.taxtmi.com/caselaws?id=373770 Section 41(1) applies only where a liability previously allowed as a deduction is remitted or ceases; a Government restructuring waiver of loan interest, guarantee fee and related commitment fee that was not claimed as business expenditure did not attract that provision, so the addition was deleted. The claim for adjustment of carry forward losses and depreciation was not finally addressed by the first appellate authority and required fresh examination with opportunity of hearing, so the matter was remanded for reconsideration. The assessee obtained partial relief on the waiver issue, while the remaining issue was sent back for adjudication. en-us Wed, 28 Nov 2018 00:00:00 +0530 Fri, 18 Jan 2019 10:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373770 Section 41(1) applies only where a liability previously allowed as a deduction is remitted or ceases; a Government restructuring waiver of loan interest, guarantee fee and related commitment fee that was not claimed as business expenditure did not attract that provision, so the addition was deleted. The claim for adjustment of carry forward losses and depreciation was not finally addressed by the first appellate authority and required fresh examination with opportunity of hearing, so the matter was remanded for reconsideration. The assessee obtained partial relief on the waiver issue, while the remaining issue was sent back for adjudication. Case-Laws Income Tax Wed, 28 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373770