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

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..... Section 56(2)(X) of Income Tax Act
Query (Issue) Started By: - Ethirajan Parthasarathy Dated:- 25-2-2019 Last Reply Date:- 1-5-2019 Income Tax
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Income Tax
An individual has def .....

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..... aulted 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. Whether the sum of ͅ .....

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..... 7; 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 1.5 crores would be written off .....

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..... 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 arise.
Discussion Forum - Knowle .....

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..... dge Sharing .....

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