2019 (5) TMI 727 - SCH - Income Tax

Waiver of a principal amount of loan - Taxability of income as a perquisite - waiver of loan by creditor - deemed income u/s 41(1) - whether this constitutes a trading liability 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 the light of the order passed by this Court in titled as Commissioner vs. Mahindra and Mahindra Limited (Th. Managing Director) 2018 (5) TMI 358 - SUPREME COURT this special leave petition is hereby dismissed.

Summary

The Supreme Court dismissed the special leave petition in light of a previous order in the case "Commissioner vs. Mahindra and Mahindra Limited". Pending applications were disposed of.