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2017 (4) TMI 1287 - HC - Income TaxRemission of principal amount of loan obtained from financial institutions and banks - whether constitutes a benefits or perquisite arising from business and would fall within the ambit of Section 28(iv) - Held that:- This issue is now squarely covered by the decision of Delhi High Court in Commissioner of Income Tax vs. Jindal Equipments Leasing and Consultancy Services Ltd. reported in (2009 (12) TMI 364 - DELHI HIGH COURT) as held the waiver/written off part of principal amount of loan by JSPL does not constitute income at the hands of the assessee. On the facts of this case and particularly having regard to the nature of business only, it will constitute capital receipt. Even otherwise the loan which was taken was capital investment and always treated in the capital account as liability and if it is so, it will naturally go as wiping out the capital liability. In that view of the matter, the contention taken by the appellant is required to be accepted. The view taken by the CIT(A) is required to be restored and that of the tribunal is required to be reversed. The issue is answered in favour of the assessee
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