Addition u/s 41(1) - cessation of liability - waive of loan as ...

Case Laws Income Tax

March 16, 2021

Addition u/s 41(1) - cessation of liability - waive of loan as part of one time settlement of loan with the banks - The benefit gained by the assessee on account of waiver represent the interest debited to Profit and Loss account from the date of availing the loan in various assessment years till the date of redemption which was claimed by the assessee as deduction and the same required to be taxed u/s 41(1) - AT

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Addition u/s 41(1) - cessation of liability - waive of loan as ...

Case Laws Income Tax

March 16, 2021

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