Held that the liability which was converted into an unsecured loan and subsequently stood repaid had not been challenged by the Department in the appeal. Order of Tribunal deleting the addition is affirmed. (AY.2013-14)
PCIT v. Arvind Kumar Arora (2023)457 ITR 258 /156 taxmann.com 266 (Delhi)(HC)
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Liability is converted into loan and repaid-Deletion of addition is justified.