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Income Tax - Highlights / Catch Notes

Home Highlights February 2024 Year 2024 This

Taxability of Waiver of loan - loan advanced for acquisition of ...

Case Laws     Income Tax

February 2, 2024

Taxability of Waiver of loan - loan advanced for acquisition of capital equipments - Revenue's first contention that the loan waived was availed towards working capital - whether waiver of loan attributable for the working capital was taxable under Section 28 (iv)? - Hon'ble Single Judge had remitted the matter to ITAT for reconsideration - Division Bench of High Court dismissed the revenue appeal.

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