{"id":11349,"date":"2020-05-15T10:35:46","date_gmt":"2020-05-15T10:35:46","guid":{"rendered":"http:\/\/itatonline.org\/digest\/pcit-v-sicom-ltd-bom-hc-ur-2\/"},"modified":"2021-07-10T08:56:32","modified_gmt":"2021-07-10T03:26:32","slug":"pcit-v-sicom-ltd-bom-hc-ur-2","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-sicom-ltd-bom-hc-ur-2\/","title":{"rendered":"PCIT v. SICOM Ltd  (2020)  274 Taxman 58   (Bom) (HC)"},"content":{"rendered":"<p>Question before the High Court is \u201cWhether on the facts and circumstances of the case and in law, the Tribunal was justified in holding that CIT(A) was correct in deleting Rs. 114.98 crores on account of remission of loan by Government of Maharashtra u\/S. 41(1)\/28(iv) without considering that the waiver of liability u\/S. 41(1)\/28(iv) is in character of stock-in-trade and certainly a trading liability?\u201d\u00a0 Following the decision of Supreme Court in CIT v Mahindra A Mahindra Ltd (2018) 404 ITR 1 (SC), High court decided the issue in favour of the assessee. (ITA No.1685\/Mum\/2009 dt.6\/12\/2016 (ITA No 1692 of 2017 dt.21-01 2020)(AY.2003 -04)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 41(1) : Profits chargeable to tax &#8211; Remission or cessation of trading liability \u2013 Remission of loan by Government of Maharashtra  cannot be assessed u\/s 28(iv) or 41(1) of the Act \u2013 Order of Tribunal is affirmed [ S.28(iv )]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11349","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2X3","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11349","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=11349"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11349\/revisions"}],"predecessor-version":[{"id":20118,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11349\/revisions\/20118"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=11349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=11349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=11349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}