{"id":12625,"date":"2020-10-07T06:07:12","date_gmt":"2020-10-07T06:07:12","guid":{"rendered":"https:\/\/itatonline.org\/digest\/pcit-v-mangalore-refinery-and-petrochemicals-ltd-2020426-itr-266-272-taxman-441-bomhc\/"},"modified":"2021-05-09T13:05:19","modified_gmt":"2021-05-09T07:35:19","slug":"pcit-v-mangalore-refinery-and-petrochemicals-ltd-2020426-itr-266-272-taxman-441-bomhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-mangalore-refinery-and-petrochemicals-ltd-2020426-itr-266-272-taxman-441-bomhc\/","title":{"rendered":"PCIT v. Mangalore Refinery and Petrochemicals Ltd. (2020)426 ITR 266\/ 272 Taxman 441\/191 DTR 47 \/ 316 CTR  842(Bom)(HC)"},"content":{"rendered":"<p>Dismissing the appeal of the revenue the Court held that the surplus arising on prepayment of deferred sales tax loan at the net present value was a capital receipt which could not be termed a remission or cessation of a trading liability\u00a0 Followed\u00a0 CIT\u00a0v.\u00a0Sulzer India Ltd.\u00a0[2014] 369 ITR 71 (Bom.)(HC)\u00a0 and\u00a0CIT\u00a0v.\u00a0Bal Krishna Industries Ltd.\u00a0 [2018] 252\u00a0 Taxman 375\/300 CTR 209\u00a0 (SC) ( AY.2004-05, 2005-06)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 41(1) : Profits chargeable to tax &#8211; Remission or cessation of trading liability -State Government scheme for deferment of sales tax and Treating amount as loan for  specified period \u2014 Surplus on account of prepayment of  loan \u2014Amount not assessable as income [ S.4, 28(i) ]<\/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":[21],"tags":[],"class_list":["post-12625","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3hD","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12625","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=12625"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12625\/revisions"}],"predecessor-version":[{"id":17714,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/12625\/revisions\/17714"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=12625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=12625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=12625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}