https://www.taxtmi.com/caselaws?id=396212 The High Court ruled in favor of the assessee, holding that the surplus arising from the prepayment of the deferred sales tax loan at net present value is a capital receipt not liable to tax under Section 41(1) of the Income Tax Act. Additionally, the Court determined that interest under Sections 234B and 234C was not chargeable on the book profit computed under Section 115JB for the relevant period. The appeal was dismissed, affirming the decisions of the lower authorities, with no costs ordered. en-us Tue, 17 Mar 2020 00:00:00 +0530 Fri, 18 Sep 2020 12:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396212 The High Court ruled in favor of the assessee, holding that the surplus arising from the prepayment of the deferred sales tax loan at net present value is a capital receipt not liable to tax under Section 41(1) of the Income Tax Act. Additionally, the Court determined that interest under Sections 234B and 234C was not chargeable on the book profit computed under Section 115JB for the relevant period. The appeal was dismissed, affirming the decisions of the lower authorities, with no costs ordered. Case-Laws Income Tax Tue, 17 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396212