https://www.taxtmi.com/caselaws?id=417374 The ITAT partially allowed the revenue's appeal for statistical purposes but upheld the CIT(A) decision on both issues. The addition of interest portion under OTS was deleted as the unpaid interest had been added back under section 43B for previous years. The addition of the principal portion under OTS was not considered taxable income as it represented a loan for purchasing fixed assets, not a cessation of trading liability. The ITAT referenced relevant case laws and provisions of the Income Tax Act in reaching its decision. en-us Thu, 13 Jan 2022 00:00:00 +0530 Fri, 21 Jan 2022 08:53:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417374 The ITAT partially allowed the revenue's appeal for statistical purposes but upheld the CIT(A) decision on both issues. The addition of interest portion under OTS was deleted as the unpaid interest had been added back under section 43B for previous years. The addition of the principal portion under OTS was not considered taxable income as it represented a loan for purchasing fixed assets, not a cessation of trading liability. The ITAT referenced relevant case laws and provisions of the Income Tax Act in reaching its decision. Case-Laws Income Tax Thu, 13 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417374