https://www.taxtmi.com/caselaws?id=55158 The Appellate Tribunal ITAT AHMEDABAD-A ruled in favor of the firm in a tax dispute over the remission of debt amounting to Rs. 3,77,230 in the assessment year 1977-78. The Tribunal held that the remission was on capital account and not taxable under section 28(iv) of the Income-tax Act, 1961. They emphasized that as the firm did not engage in business activities during the relevant period and the transactions involved cash, the remission did not fall under the purview of section 28(iv). The Tribunal upheld the decision to exclude the amount from the firm's taxable income, rejecting the revenue's appeal. en-us Tue, 03 Aug 1982 00:00:00 +0530 Wed, 24 Nov 2010 11:20:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55158 The Appellate Tribunal ITAT AHMEDABAD-A ruled in favor of the firm in a tax dispute over the remission of debt amounting to Rs. 3,77,230 in the assessment year 1977-78. The Tribunal held that the remission was on capital account and not taxable under section 28(iv) of the Income-tax Act, 1961. They emphasized that as the firm did not engage in business activities during the relevant period and the transactions involved cash, the remission did not fall under the purview of section 28(iv). The Tribunal upheld the decision to exclude the amount from the firm's taxable income, rejecting the revenue's appeal. Case-Laws Income Tax Tue, 03 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55158