https://www.taxtmi.com/caselaws?id=30879 The HC dismissed the revenue's appeal, upholding the Tribunal and CIT(A) that remission of the principal loan amount credited to capital reserve under a one-time settlement for a sick, BIFR-registered manufacturing company did not constitute income under s.41(1), s.28(iv) or s.2(24). The court agreed the remission becomes taxable only if the assessee previously claimed a deduction or allowance for the relevant loss, expenditure or liability, and found no such basis to treat the remission as income. en-us Tue, 23 Sep 2008 00:00:00 +0530 Wed, 05 Nov 2025 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=30879 The HC dismissed the revenue's appeal, upholding the Tribunal and CIT(A) that remission of the principal loan amount credited to capital reserve under a one-time settlement for a sick, BIFR-registered manufacturing company did not constitute income under s.41(1), s.28(iv) or s.2(24). The court agreed the remission becomes taxable only if the assessee previously claimed a deduction or allowance for the relevant loss, expenditure or liability, and found no such basis to treat the remission as income. Case-Laws Income Tax Tue, 23 Sep 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=30879