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Income Tax - Highlights / Catch Notes

Home Highlights June 2023 Year 2023 This

Nature of receipt - one time settlement arising out of waiver of ...

Income Tax

June 29, 2023

Nature of receipt - one time settlement arising out of waiver of dues of term loan by the lender - Revenue or capital receipt - The waiver of the principal amount which was taken for trading purpose and credited to the profit & loss account of the assessee, has been rightly taxed as Revenue receipt u/s 41(1) - AT

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