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2013 (10) TMI 762 - ITAT HYDERABADWaiver of loan amount is liable to taxation - Assessee had entered into 'One Time Settlement' (OTS) with its bankers, M/s State Bank of India and M/s Industrial Development Bank of India, as a result of which, it got waiver of loan amount of ₹ 3,83,98,703/- - Waiver represented benefit to the assessee and became income of the assessee – Held that:- Remanded back to the Assessing officer with direction to examine whether the claim of the assessee that "under the normal provision if in respective years in which the interest liability were debited to the P&L a/c, and not allowed as deduction in the assessment then now upon the waiver of the interest the same cannot be brought to tax u/s 41(1) or u/s 43B of IT Act – Reliance has been placed upon the judgment in the case of CIT Vs. T.V. Sundaram Iyengar & Sons Ltd., [1996 (9) TMI 1 - SUPREME Court]. Revision u/s 263 of the Income Tax Act on the view taken by assessing officer – Held that:- View taken by the Assessing officer should be a judicial view consciously based upon proper inquiries and appreciation of all the relevant factual and legal aspects of the case – If the view taken by assessing officer is erroneous view, then the case will be amenable to revisional jurisdiction under Section 263 – Secondly, if the Assessing officer has not taken any view then also the case falls under the jurisdiction of section 263 – But, if the view taken by assessing office is view in vaccum and not based upon the proper enquiry, then the matter to be restored to the assessing officer for proper enquiry – Reliance has been placed upon the case of Sun Minerals [2012 (12) TMI 195 - ITAT HYDERABAD].
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