Apex Court: Loan waiver benefits taxable u/s 28(iv) as non-monetary perks; Finance Act 2023 supports. High Court deletes additions.

Income taxable u/s 28(iv) - additions as 'benefit' by waiver of loans - As per the decision of Apex Court, the purpose of loan was neither dealt with nor would be a relevant determinative factor. The only test is that the 'benefit' or 'perquisite' should be other than ‘in the shape of money’. - The amendment vide Finance Act, 2023 also substantiate the findings of the Apex Court - Additions deleted - HC .....

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