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TMI BlogUnder Section 56(2)(X) of Income tax ActX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hether the sum of ₹ 1.5 crores waived by the Bank will be treated as his income U/s 56(2)(X) - Reply By CASusheel Gupta - The Reply = Please refer to decision of Hon'ble Supreme Court i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the case of Commissioner v Mahindra and Mahindra Limited = 2018 (5) TMI 358 - SUPREME COURT where it was held not taxable in section 28(iv) and 41(1) . As far as section 56(2)(x) is c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oncerned, it talks of (1) any sum of money - waiver can be equated with money since actual money was received in the year of taking loan (2) received in previous year - At the most it can be tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the year in which the amount was received. By the time it comes to notice of IT department, period of issue of notice u/s 148 ,must be over. CA Susheel Gupta 9811004443 - Under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 56(2)(X) of Income tax Act - Query Started By: - Ethirajan Parthasarathy Dated:- 28-2-2019 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sonal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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