{"id":11845,"date":"2020-06-22T13:42:53","date_gmt":"2020-06-22T13:42:53","guid":{"rendered":"http:\/\/itatonline.org\/digest\/essar-shipping-ltd-v-cit-bom-hc-ur\/"},"modified":"2021-04-26T12:00:40","modified_gmt":"2021-04-26T06:30:40","slug":"essar-shipping-ltd-v-cit-bom-hc-ur","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/essar-shipping-ltd-v-cit-bom-hc-ur\/","title":{"rendered":"Essar Shipping Ltd v .CIT  (2020) 426 ITR 220 \/192 DTR 449\/ 273 Taxman 49\/ 317 CTR 25 (Bom) (HC) www.itatonline .org"},"content":{"rendered":"<p>Loan given by Government of Karnataka was subsequently \u00a0waived. The AO assessed the waiver of loan as value of benefit or perquisite assessable u\/s 28(iv) of the Act .CIT (A) deleted the addition. On appeal by the revenue the Tribunal held that \u00a0\u00a0the AO had correctly made the addition considering the waiver of loan as revenue receipt of the assessee . On appeal High Court held that \u00a0waiver of loan cannot be assessed as benefit or perquisite . Followed \u00a0CIT v .Mahindra and Mahindra Ltd (2018) 404 ITR 1 (SC) \u00a0,distinguished , \u00a0\u00a0Protos Engineering Company P. Ltd \u00a0\u00a0v \u00a0CIT, ( 1995 ) 211 ITR 919 (Bom) (HC) is held to be not good law . \u00a0(ITA No 201 of (AY .1984 -85)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 28(iv) : Business income &#8211; Value of any benefit or perquisites &#8211; Converted in to money or not \u2013 Waiver of loan cannot be assessed as benefit or perquisites  [ S.4 ] <\/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-11845","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-353","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11845","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=11845"}],"version-history":[{"count":4,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11845\/revisions"}],"predecessor-version":[{"id":17313,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/11845\/revisions\/17313"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=11845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=11845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=11845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}