2011 (12) TMI 554

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..... ed the principal amount an ₹ 14.12 crores and the unpaid interest of 9.98 crores both of which were waived by the Bank. Since we are not concerned with the waiver of unpaid interest, we find that the issue is squarely covered by the decision in the case of Chetan Chemicals Pvt. Ltd [2001 (10) TMI 12 - GUJARAT High Court]. We make it clear that we have proceeded on the footing that amount of .....

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..... ; 14.12 crores (rounded off) made by the Assessing Officer. The assessee had claimed deduction of such amount on account of waiver of principal sum of loan by the Bank. The assessee carried the issue in appeal before the CIT (Appeal). CIT (Appeals) dismissed the appeal of the assessee whereupon the assessee approached the Tribunal. The Tribunal allowed the appeal of the assessee relying on the dec .....

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..... The assessee in the return filed for the assessment year 1982-83, declared the remission of interest as income liable to tax. However, the remission of loan of ₹ 1.77 lacs was not returned as income as the Assessing Officer treated the said sum as income of the assessee. Issue ultimately reached the High Court. The High Court held in favour of the assessee negating the contention of the Rev .....

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