https://www.taxtmi.com/caselaws?id=384266 The High Court held that the conversion of the loan and unpaid interest into share capital did not result in the cessation of liability under Section 41(1) of the Income Tax Act. The Court emphasized that the conversion constituted a discharge of liability rather than a cessation. Additionally, the Court rejected the Revenue's attempt to raise an alternate submission under Section 28(iv) of the Act due to the belated nature of the plea without amending the grounds of appeal. The appeal by the Revenue was dismissed, and the decision favored the respondent. en-us Tue, 09 Jul 2019 00:00:00 +0530 Thu, 27 Feb 2020 17:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384266 The High Court held that the conversion of the loan and unpaid interest into share capital did not result in the cessation of liability under Section 41(1) of the Income Tax Act. The Court emphasized that the conversion constituted a discharge of liability rather than a cessation. Additionally, the Court rejected the Revenue's attempt to raise an alternate submission under Section 28(iv) of the Act due to the belated nature of the plea without amending the grounds of appeal. The appeal by the Revenue was dismissed, and the decision favored the respondent. Case-Laws Income Tax Tue, 09 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384266