https://www.taxtmi.com/highlights?id=64211 Addition u/s 41 - sick company - cessation of liability towards unsecured loans availed from financial institutions in terms of order of the BIFR - Apex Court has held that, waiver of loan for acquiring capital assets cannot be treated as remission of trading liability and brought to tax u/s. 41(1) or u/s.28(iv) - AO has erred in assessing cessation of liability towards unsecured loans availed from financial institutions in terms of order of the BIFR u/s.41(1) of the Income Tax Act, 1961. - AT en-us Wed, 22 Jun 2022 10:53:38 +0530 Wed, 22 Jun 2022 10:53:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=64211 Addition u/s 41 - sick company - cessation of liability towards unsecured loans availed from financial institutions in terms of order of the BIFR - Apex Court has held that, waiver of loan for acquiring capital assets cannot be treated as remission of trading liability and brought to tax u/s. 41(1) or u/s.28(iv) - AO has erred in assessing cessation of liability towards unsecured loans availed from financial institutions in terms of order of the BIFR u/s.41(1) of the Income Tax Act, 1961. - AT Highlights Income Tax Wed, 22 Jun 2022 10:53:38 +0530 https://www.taxtmi.com/highlights?id=64211