{"id":9403,"date":"2020-02-02T12:37:01","date_gmt":"2020-02-02T12:37:01","guid":{"rendered":"http:\/\/itatonline.org\/digest\/pcit-v-sicom-ltd-bom-hc-ur\/"},"modified":"2021-07-10T08:57:27","modified_gmt":"2021-07-10T03:27:27","slug":"pcit-v-sicom-ltd-bom-hc-ur","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/pcit-v-sicom-ltd-bom-hc-ur\/","title":{"rendered":"PCIT v SICOM Ltd  (2020)  274 Taxman 58   ( Bom) (HC)"},"content":{"rendered":"<p>Question before the High Court is \u201c Whether 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 \u00a0Following the decision of Supreme Court in\u00a0 CIT v\u00a0 Mahindra\u00a0 A Mahindra Ltd ( 2018) 404 ITR 1 ( SC)\u00a0 ,High court decided the issue in favour of the assessee.\u00a0 \u00a0( ITA No 1685\/Mum\/2009\u00a0 dt 6-12 2016\u00a0 ( ITA No 1692 of 2017 dt 21-01 2020 ( AY.2003 -04) \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/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-9403","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2rF","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9403","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=9403"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9403\/revisions"}],"predecessor-version":[{"id":20119,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/9403\/revisions\/20119"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=9403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=9403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=9403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}