Addition u/s. 28(iv) - waiver of loan - value of benefit arising ...

Loan Waiver u/s 28(iv) Not Taxable: No Additions for Capital Account Transaction in Business Benefits.

November 22, 2022

Case Laws Income Tax AT

Addition u/s. 28(iv) - waiver of loan - value of benefit arising from business of the assessee - the assessee has received loan from certain parties for the purpose of using it in the business of lending of money. The lenders are not the customers of the assessee. There should not be any dispute that the loan transaction is a capital account trasaction. Hence waiver of loan cannot take the colour of trading transactions - No additions - AT

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Addition u/s. 28(iv) - waiver of loan - value of benefit arising ...

Loan Waiver u/s 28(iv) Not Taxable: No Additions for Capital Account Transaction in Business Benefits.

November 22, 2022

Case Laws Income Tax AT

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