Document Fragment View
Fragment Information
Showing contexts for: revised return when valid in Rollatainers Limited.,, New Delhi vs Department Of Income Tax on 25 November, 2008Matching Fragments
4. Ground no. 2 is in regard to waiver of loan amount and interest thereon by the banks and financial institutions after the assessee was declared to be a sick company by the Board for Industrial & Financial Reconstruction ('BIFR' for short) leading to re-structuring of its debt by Corporate Debt Restructuring Cell ('CDRC' for short). The assessee had credited the amount of loan and interest waived to the profit and loss account. However, in the course of hearing the claim was raised by way of a letter dated 25.11.2008 that the assessee inadvertently claimed Rs. 5,46,95,291/- but omitted to claim the balance amount of Rs. 4,07,65,542/-, which may now be granted. This claim was denied on the ground that the assessee has not filed any valid revised return u/s 139(5) claiming this amount.