MCDOWELL & COMPANY LTD. vs COMMISSIONER OF INCOME TAX
Whether the waiver of interest by financial institutions, which was previously claimed as expenditure by the amalgamating sick company (HPL), constitutes income assessable in the hands of the amalgamated company (McDowell) under Section 41(1) of the Income Tax Act, 1961, especially when the amalgamated company is availing the benefit of set-off of accumulated losses of the amalgamating company under Section 72A of the Act? --- Held: Yes.
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