Dispute Over Tax Treatment of Loan Waivers on Floating Rate Notes for Land: Not Business Income u/s 28(i.

Additions u/s 41 (deemed incomed) - waiver of loan - Floating Rate Notes - To be treated as loan for business purpose or for purchase of capital asset - AO has mentioned in the assessment order that since the Loan was utilized to purchase the land, waiver of loan is business income. We do not agree with this proposition of the AO. - it is not taxable under section 28(i) - AT .....

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