2011 (12) TMI 554

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...., SR. ADV. WITH MRS SWATI SOPARKAR ORAL ORDER Per : HONOURABLE MR.JUSTICE AKIL KURESHI Revenue is in appeal against the judgment of the Tribunal dated 5.6.09 raising following question for our consideration: "Whether the Appellate Tribunal is right in law and on facts in reversing the order passed by CIT(A) and thereby deleting the addition of Rs. 14,12,15,000/- made on account of waiv....

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.... the assessee, a private limited company, in course of business had obtained certain loans from different creditors. Due to the weak financial condition of the company, the creditors had approached the High Court by filing Company Petitions. During the course of such proceedings, a compromise was reached between the assessee and the creditors wherein the creditors remitted the unsecured loan am....