https://www.taxtmi.com/caselaws?id=19218 The High Court ruled in favor of the Revenue for both issues, interpreting that interest payments made on liabilities taken over by the assessee fell within the purview of section 40A(8) of the Income-tax Act, 1961. Additionally, the court held that amounts credited to the capital reserve account were chargeable to tax under sections 41(1) and 176(3A) of the Act, as the assessee obtained benefits from remission or cessation of trading liabilities. en-us Thu, 22 Dec 1994 00:00:00 +0530 Tue, 19 Apr 2016 18:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19218 The High Court ruled in favor of the Revenue for both issues, interpreting that interest payments made on liabilities taken over by the assessee fell within the purview of section 40A(8) of the Income-tax Act, 1961. Additionally, the court held that amounts credited to the capital reserve account were chargeable to tax under sections 41(1) and 176(3A) of the Act, as the assessee obtained benefits from remission or cessation of trading liabilities. Case-Laws Income Tax Thu, 22 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19218