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TMI Blog2023 (8) TMI 224X X X X Extracts X X X X X X X X Extracts X X X X ..... irrespective of the manner of utilization of loan - HELD THAT:- The impugned quarrel has now been well settled by the Hon ble Supreme Court in the case of Mahindra and Mahindra [ 2018 (5) TMI 358 - SUPREME COURT] held Section 41 (1) does not apply since waiver of loan does not amount to cessation of trading liability. It is a matter of record that the Respondent has not claimed any deduction und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 700/- on account of waiver of liability treating the same as cessation of liability invoking the provision of section 41 (1) of the Act. 3. Representatives of both the sides were heard at length. Case records carefully perused. We find that in the first round of litigation the impugned quarrel travelled upto the Tribunal and the Tribunal in ITA No.1108/Del/2007 and 2386/Del/2007 adjudicated the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ground nos. 2, 2.1 2.2 are allowed for statistical purpose. The issue involved therein is now to be decided by the AO . 4. Pursuant to the directions of the Tribunal, in the fresh assessment proceedings the assessee once again contended that the waiver of loan basically constituted capital receipts and that the waiver was by the holding company of the share holder, hence section 41(1) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e impugned quarrel has now been well settled by the Hon ble Supreme Court in the case of Mahindra and Mahindra in Civil Appeal No.6949-6950 of 2004 with others. The relevant findings of the Hon ble Supreme court read as under :- 17) To sum up, we are not inclined to interfere with the judgment and order passed by the High Court in view of the following reasons : (a) Section 28 (iv) of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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