2017 (2) TMI 451 - SCH - Income Tax

Repayment of loan - whether was a capital receipt and not subject to tax as deemed income under Section 41? - Held that - SLP dismissed. In this casee, 2017 (2) TMI 388 - BOMBAY HIGH COURT HC has held that, Benefit on account of premature payment of deferred sales tax being on Capital Account and cannot be considered as income under Section 41(1) of the Act stands concluded in favour of the assessee.