https://www.taxtmi.com/caselaws?id=448963 The HC upheld the Single Judge's decision, determining that the waiver of loans by a Consortium of Banks to the assessee was not taxable under the Income Tax Act, 1961, regardless of whether the loans were for working capital or capital assets. The Court dismissed the Revenue's appeal, agreeing that the writ petition was appropriate despite the availability of an alternative remedy through an ITA. The matter was remitted to the ITAT for reconsideration, and any pending interlocutory applications were disposed of without costs. en-us Mon, 11 Dec 2023 00:00:00 +0530 Thu, 01 Feb 2024 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448963 The HC upheld the Single Judge's decision, determining that the waiver of loans by a Consortium of Banks to the assessee was not taxable under the Income Tax Act, 1961, regardless of whether the loans were for working capital or capital assets. The Court dismissed the Revenue's appeal, agreeing that the writ petition was appropriate despite the availability of an alternative remedy through an ITA. The matter was remitted to the ITAT for reconsideration, and any pending interlocutory applications were disposed of without costs. Case-Laws Income Tax Mon, 11 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448963