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2018 (5) TMI 1590 - ITAT HYDERABADWhether the waiver of loan amount to be treated as trading receipt or capital in nature - Held that:- view taken by this Court in the case of (CIT Vs Santogen Silk Mills Ltd [2015 (4) TMI 225 - BOMBAY HIGH COURT]) - waiver would not come within the purview of Section 28(iv) - the loan was a capital receipt and has not been claimed as deduction from the taxable income in the earlier years and would not come within the purview of Section 41 (1) - Thus AO is directed to delete the addition on account of waiver of the loan amount treating it as capital in nature - Decided in favor of assessee
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