https://www.taxtmi.com/caselaws?id=412159 The Tribunal upheld the CIT(A)'s decision to delete the addition under section 28(iv) of the Act regarding the waived ECB loan amount. It was determined that the waived amount from an External Commercial Borrowings (ECB) loan, used for acquiring capital assets, was capital in nature and did not yield a business benefit assessable under section 28(iv) of the Act. The Tribunal emphasized that the waiver did not provide a benefit other than in the form of money, thus concluding that the amount was not taxable. The appeal of the Revenue was dismissed, and the CIT(A)'s decision was upheld. en-us Tue, 07 Sep 2021 00:00:00 +0530 Fri, 10 Sep 2021 18:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=412159 The Tribunal upheld the CIT(A)'s decision to delete the addition under section 28(iv) of the Act regarding the waived ECB loan amount. It was determined that the waived amount from an External Commercial Borrowings (ECB) loan, used for acquiring capital assets, was capital in nature and did not yield a business benefit assessable under section 28(iv) of the Act. The Tribunal emphasized that the waiver did not provide a benefit other than in the form of money, thus concluding that the amount was not taxable. The appeal of the Revenue was dismissed, and the CIT(A)'s decision was upheld. Case-Laws Income Tax Tue, 07 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=412159