https://www.taxtmi.com/highlights?id=91340 The ITAT upheld the CIT(A)'s admission of additional grounds raised by the assessee, affirming that additional claims not made in the original return can be entertained, consistent with Supreme Court precedents. The Tribunal dismissed the Revenue's grounds challenging this admission. Regarding the waiver of the working capital loan, the ITAT held that such waiver does not constitute income under section 41(1) as it is not a remission of trading liability. Further, section 28(iv) is inapplicable since the waiver resulted in a cash receipt, not a benefit in a form other than money. The Tribunal relied on authoritative judgments, including the Bombay High Court's ruling in Essar Shipping Ltd., concluding that the waiver amount is taxable only ..... en-us Thu, 07 Aug 2025 07:04:09 +0530 Thu, 07 Aug 2025 07:04:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=91340 The ITAT upheld the CIT(A)'s admission of additional grounds raised by the assessee, affirming that additional claims not made in the original return can be entertained, consistent with Supreme Court precedents. The Tribunal dismissed the Revenue's grounds challenging this admission. Regarding the waiver of the working capital loan, the ITAT held that such waiver does not constitute income under section 41(1) as it is not a remission of trading liability. Further, section 28(iv) is inapplicable since the waiver resulted in a cash receipt, not a benefit in a form other than money. The Tribunal relied on authoritative judgments, including the Bombay High Court's ruling in Essar Shipping Ltd., concluding that the waiver amount is taxable only ..... Highlights Income Tax Thu, 07 Aug 2025 07:04:09 +0530 https://www.taxtmi.com/highlights?id=91340