2018 (7) TMI 639 - SCH - Income Tax

Addition u/s 41 - Taxability of income as a perquisite - waiver of loan by creditor - deemed income u/s 41(1) - sum due by the Respondent later on waived off by the lender - applicability of Section 28 (iv) of the IT Act - whether waiver of loan by the creditor is taxable as a perquisite under Section 28 (iv) or taxable as a remission of liability under Section 41(1)? - Held that - In view of detailed order passed by this Court in The Commissioner vs. Mahindra & Mahindra Ltd. 2018 (5) TMI 358 - SUPREME COURT this special leave petition stands accordingly dismissed, in the light of the said order Section 28(iv) of the IT Act does not apply on the present case since the receipts are in the nature of cash or money AND Section 41(1) of the IT Act does not apply since waiver of loan does not amount to cessation of trading liability.

Summary

The Supreme Court of India in 2018 dismissed a special leave petition in reference to a detailed order in a case involving Mahindra & Mahindra Ltd. The delay was condoned, and pending applications were disposed of accordingly.