Tribunal held that, waiver of interest and LIC guarantee fee was not claimed as deduction in earlier years hence-addition cannot be made. As regards adjustment of carry forward of losses and depreciation-Matter referred back to CIT(A) for read judication.(AY.2013-14)
Fertilizer corporation of India Ltd. v. ACIT (2019) 69 ITR 183 (Delhi)(Trib.)
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability–Waiver of interest and LIC guarantee fee-Not claimed as deduction in earlier years-Addition cannot be made– Adjustment of carry forward of losses and depreciation-Matter remanded to CIT(A) for read judication.