2022 (7) TMI 890

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.... ORDER PER SUCHITRA KAMBLE , JUDICIAL MEMBER : This is an appeal filed by the assessee against the order dated 15.10.2019 passed by the CIT(A)-8, Ahmedabad for the Assessment Year 2014-15. 2. The grounds of appeal are as under: "1. That the Ld. Commissioner of Income Tax (Appeals)-8 (Herein referred as CIT(A)) has erred on facts by making addition for the Term Loan taken waiver of secured lo....

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....udit Report and ITR. Notice under Section 143(2) of the Act was issued on 01.09.2015. In response to the notice, the assessee filed copy of return of income along with statement of income, Balance Sheet, Profit & Loss account, tax audit report in Form No.3CD etc. The Assessing Officer made addition at capital receipts amounting to Rs.1,29,78,902/- thereby observing that waiver of principal loan am....

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....s. Mahindra and Mahindra Limited, 404 ITR 1 (SC). The Ld. AR submitted that the reliance of the Hon'ble Apex Court decision in CIT vs. T.V. Sundaram Iyengar & Sons Limited, 222 ITR 344 (SC) and decision of the Hon'ble Madras High Court in case of CIT vs. Ramaniyam Homes Pvt. Ltd. 384 ITR 530 by the CIT(A), is not just and proper. Ld. AR also relied upon the decision of the Delhi Tribunal in the ca....

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....d upon the decision of Hon'ble Supreme Court in the case of TV Sundaram Iyengar & Sons (supra) and decision of the Hon'ble Madras High Court in case of Ramniyam Homes Pvt. Ltd. It is seen that in case of TV Sundaram Iyengar (supra) money was received by the said assesse for carrying on trading activities. But in the present assessee's case the loan was utilized only for the purpose of obtaining ca....