2023 (8) TMI 224

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....ocate For the Respondent : Ms. Smita Singh, Sr. DR ORDER PER N. K. BILLAIYA, AM: This appeal by the assessee is preferred against the order of the CIT(A)-5, New Delhi dated 26.06.2019 pertaining to A.Y. 2002-03. 2. The sum and substance of the grievance of the assessee is that the CIT(A) erred in confirming the addition of Rs. 33485700/- on account of waiver of liability treating the same as ....

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....f the authorities below remand the matter to the file of the A.O. with direction to adjudicate upon the issue afresh in view of the decision of the Hon'ble Delhi High Court in the case of Logitronics P. Ltd. Vs. CIT and Others (Supra) as discussed above after affording proper opportunity of being heard to the assessee. In the result the ground nos. 2, 2.1 & 2.2 are allowed for statistical purpose.....

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....t. The loan so waived off was basically for the purpose of working capital and for the same, reliance can be placed on the following judicial pronouncement". 5. Once again following the order of the Hon'ble High Court in the case of Logitronics Private Limited 333 ITR 386 the AO made the addition of Rs. 334,85700/-. 6. The impugned quarrel has now been well settled by the Hon'ble Supreme Court i....