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TMI Blog2015 (8) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... th the CIT (A) and the ITAT that the conversion of loans into capital did not result in any benefit to the Assessee and that the nature of the liability essentially remained the same. The Court concurs with the said view. Indeed there was no cessation of liability on account of the allotment of shares in favour of the creditors. It has rightly been held by the ITAT that the decision in CIT v. T.V. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ys in re-filing the appeal after removal of defects. The explanation for the delay is that there was change of counsel. The Court finds the said explanation to be wholly unsatisfactory. Nevertheless, the appeal has also been examined on merits. 3. The principal question was whether the conversion of liabilities of the Assessee into equity share capital at a premium resulted in any benefit to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... count of the Assessee for the AY in question a brought forward loss had been set off by the share premium and the balance loss had been transferred to the balance sheet. However, the Court finds that no such question was raised by the Revenue before the ITAT. Even in the present appeal, no such ground has been raised. 5. The Court does not find any substantial question of law arising from the i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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