https://www.taxtmi.com/highlights?id=52694 Cessation of liability - Additions u/s. 41(1) - waiver towards outstanding principal loan amount - waiver of outstanding principal loan amount is a capital receipt or not? - The findings of the CIT(A) are contrary to the facts of the case as the amount credited to capital reserve by the assessee pertains to principal amount borrowed without there being any component of interest embedded therein - ITAT rightly deleted the additions. en-us Wed, 01 Apr 2020 16:07:45 +0530 Wed, 01 Apr 2020 16:07:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=52694 Cessation of liability - Additions u/s. 41(1) - waiver towards outstanding principal loan amount - waiver of outstanding principal loan amount is a capital receipt or not? - The findings of the CIT(A) are contrary to the facts of the case as the amount credited to capital reserve by the assessee pertains to principal amount borrowed without there being any component of interest embedded therein - ITAT rightly deleted the additions. Highlights Income Tax Wed, 01 Apr 2020 16:07:45 +0530 https://www.taxtmi.com/highlights?id=52694