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TMI Blog2017 (10) TMI 311X X X X Extracts X X X X X X X X Extracts X X X X ..... y following the decision of the Hon'ble Supreme Court in the case of Tata Iron & Steel Co. Ltd (1997 (12) TMI 5 - SUPREME Court) wherein it was held that the waiver of loan on subsequent dates will not affect the cost of assets, which has since been negated by the Tribunal vide order dated 29.07.2015. In view of the same, we hold that the assessment proceedings and also the consequential appellate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apital in nature, the same cannot be taxed. As the assessee has not made the claim in the return of income, respectfully following the decision of the Apex court in the case of Goetze India Ltd. Vs (284 ITR 323), the same has been rejected by the Assessing Officer. On an appeal, the CIT (A), vide orders in ITA.No.0344/DC- 2(2)/CIT(A)-III/2011-12, dt.24-12-2012 has stated that the assessee obtained ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (281 ITR 285) (S.C) wherein it was held that the waiver of loan on subsequent dates will not affect the cost of assets. Against this order, the Revenue is in appeal before us and the assessee is in cross objection stating that the CIT (A) ought to have given a categorical finding that the decision of the Hon'ble Supreme Court in the case of Saharanpur Electric Co. Ltd vs. CIT, reported in 194 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in it has been held that the amount of waiver is not assessable u/s 28(iv) and hence there is no remission of liability and the amount is not assessable u/s 41(1) of the Act and therefore, the waiver of loan does not reduce the cost of acquisition of the Plant Machinery and therefore, there is no question of reducing the depreciation on such Plant Machinery. Therefore, according to him, the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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