https://www.taxtmi.com/caselaws?id=311025 The Tribunal held that the remission of loans for capital assets under the OTS scheme is not taxable as business income, while the issue of working capital loans was remitted to the AO for fact verification. The Tribunal allowed the claim of bad debts related to tender deposits, reversing the CIT(A)'s decision. It upheld the CIT(A)'s stance that the waiver of loan principal does not reduce the WDV of assets and agreed with the disallowance of stock write-off based on unusable goods. The set-off of brought forward losses was allowed if claimed in the original return. Both appeals were partly allowed for statistical purposes. en-us Wed, 08 Feb 2012 00:00:00 +0530 Mon, 04 Dec 2023 10:25:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311025 The Tribunal held that the remission of loans for capital assets under the OTS scheme is not taxable as business income, while the issue of working capital loans was remitted to the AO for fact verification. The Tribunal allowed the claim of bad debts related to tender deposits, reversing the CIT(A)'s decision. It upheld the CIT(A)'s stance that the waiver of loan principal does not reduce the WDV of assets and agreed with the disallowance of stock write-off based on unusable goods. The set-off of brought forward losses was allowed if claimed in the original return. Both appeals were partly allowed for statistical purposes. Case-Laws Income Tax Wed, 08 Feb 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311025