2019 (9) TMI 1013

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.... The Appellant - Revenue has challenged the order passed by the Income Tax Appellate Tribunal, Mumbai dated 19 August 2016 dismissing the Appeal filed by the Appellant. 2. The relevant Assessment Year to which the present Appeal pertains to is 2008-09. 3. The Appellant - Revenue has presented the following question which according to it is a substantial question of law :-   "A.....

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..... by which the principal amount of loan to the extent of Rs. 8,41,34,321/- payable by the Respondent was waived off. The Respondent filed its return of income for Assessment Year 2008-09 on 30 September 2008 declaring total income at Rs. 3,77,24,331/-. The return filed by the Respondent - Assessee was selected for scrutiny and the statutory notice to that effect was issued by the Assessing Officer....

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....hat the amount of the waiver of loan cannot be a revenue receipt making it taxable under Section 28 or under Section 41 of the Income Tax Act, 1961. However, the Commissioner (Appeals) dismissed the Appeal of the Respondent to the extent it made a grievance of disallowance of interest expenditure. The Appellant - Revenue filed appeal to the Tribunal to the extent the Commissioner of Income Tax (Ap....

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....h, the Commissioner of Income Tax (Appeals) and the Tribunal, after considering the evidence and the facts on record have rendered a finding of fact that the loan was taken from acquisition of capital assets. Thus, the waiver of loan being waived off could not be termed as a revenue receipt. Thus, there is a concurrent finding of fact recorded on this count by the Authorities. During the assessmen....