TaxTMI 
TaxTMI 
2017 (4) TMI 1287
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....ls, the appellants have assailed the judgment and order of the Tribunal whereby Tribunal has allowed the appeal of the department and reversing the view taken by the CIT(A). 3. This court while admitting the appeals No.144/2010, 145/2010, 146/2010 & 148/2010 on 12.4.2010 framed the following common substantial questions of law:- "Whether the remission of principal amount of loan obtained from financial institutions and banks, constitutes a benefits or perquisite arising from business and would fall within the ambit of Section 28(iv) of the Act?" 4. Counsel for the appellant contended that issue is now squarely covered by the decision of Delhi High Court in Commissioner of Income Tax vs. Jindal Equipments Leasing and Consultancy Services....
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....nancial transaction had become final and had not been challenged. 8. With this, we proceed to examine this aspect on its own merit, viz., whether provisions of Section 28(iv) of the Act are attracted in the given case. Thus, what is to be seen is that as to whether the written off amount of Rs. 1,46,53,065 in its books of accounts by JSPL amounts to the value of any benefit or perquisite whether convertible into money or not can be treated as "profits and gains from business". The prerequisites for attracting the said provisions are: (i) Benefit or perquisite arising in the course of business is of the nature, other than cash or money. It is for this reason expression "whether convertible into money or not" is mentioned in Clause (iv). B....
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....where a statutory levy in respect of goods dealt in by the assessee is discharged and subsequently the amount paid is refunded, it is the first clause that more appropriately applies. U will not be a case of benefit accruing to him on account of cessation or remission of trading liability. U will be a case which squarely falls under the earlier clause, namely, "obtained any amount in respect of such expenditure". In other words, where expenditure is actually incurred by reason of payment of duty on goods and the deduction or allowance had been given in the assessment for earlier period, the assessee is liable to disgorge that benefit as and when he obtains refund of the amount so paid. The consideration whether there is a possibility of the....