Modern Syntex (india) Ltd vs Assistant Commissioner of Income Tax, Circle 6, Jaipur
Whether remission of principal amount of loan obtained from financial institutions and banks constitutes a benefit or perquisite arising from business and falls within the ambit of Section 28(iv) of the Income Tax Act 1961? --- Held No. Whether the ITAT was justified in deleting additions made on account of remission of principal amount of loan? --- Held Yes.
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