{"id":7913,"date":"2019-10-18T09:39:07","date_gmt":"2019-10-18T09:39:07","guid":{"rendered":"http:\/\/itatonline.org\/digest\/pcit-v-colour-roof-india-ltd-bomhcwww-itatonline-org\/"},"modified":"2019-10-18T09:39:07","modified_gmt":"2019-10-18T09:39:07","slug":"pcit-v-colour-roof-india-ltd-bomhcwww-itatonline-org","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-colour-roof-india-ltd-bomhcwww-itatonline-org\/","title":{"rendered":"PCIT v. Colour Roof (India) Ltd.(Bom)(HC),www.itatonline.org"},"content":{"rendered":"<p><strong>Dismissing the appeal of the revenue the Court held that argument of Revenue that loan taken from agents\/ dealers is on revenue account or that on waiver of the loan, its character undergoes a change and it becomes on revenue account is not correct. S. 28(iv) &amp; 41(1) cannot apply if the loan is on capital account and the assessee has never claimed any deduction therefor in the past (Solid Containers Ltd v. Dy CIT ( 2009) \u00a0308 ITR 417 (Bom) (HC) \u00a0distinguished, CIT v. \u00a0Mahindra and Mahindra Ltd (2018) 404 ITR 1 (SC) followed).<\/strong>( ITA No. 896 of 2017, dt. 25.09.2019) (AY. 2009-10)<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 41(1) : Profits chargeable to tax &#8211; Remission or cessation of trading liability \u2013 Waiver of loan- Cannot be assessed as cessation of liability or as business income .[ 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-7913","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-23D","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7913","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=7913"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7913\/revisions"}],"predecessor-version":[{"id":7914,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/7913\/revisions\/7914"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=7913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=7913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=7913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}