Taxability of income as a perquisite - waiver of loan by creditor - Section 28(iv) of the IT Act does...

Taxability of income as a perquisite - waiver of loan by creditor - 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. - SC .....

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