Section 56(2)(X) of Income Tax Act

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..... An individual has defaulted in repaying Bank Loan. Later one time payment is settled and the barrower was asked to pay only let us say 2 crore as against outstanding demand of ₹ 3.5 crores. W .....

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..... hether the sum of ₹ 1.5 crores waived by the Bank will be treated as his income U/s 56(2)(X) - Reply By Ashwani Garg - The Reply = When the liability towards the bank to the extent of INR 1 .....

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..... .5 crores would be written off and credited in the Profit Loss account, it would be anyways taxable as his business income. Hence, the question of taxability under section 56(2)(x) should not aris .....

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..... e. - Section 56(2)(X) of Income Tax Act - Query Started By: - Ethirajan Parthasarathy Dated:- 25-2-2019 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by .....

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..... an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

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