2008 (8) TMI 156 - HC - Income Tax

Loan taken for trading activity (business purposes) and upon waiver amount retained in business - Assessee claimed that the said loan was the capital receipt and has not been claimed as deduction from the taxable income as expenses and therefore, did not come under section 41(1) - held that amount had become the income of assessee; and hence assessable as business income of assessee – appeal of assessee is dismissed