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2017 (1) TMI 1096 - AT - Income TaxWaiver of principal amount of loan - taxable in this year either u/s 28(iv) or u/s 41(1) - Held that:- If the loan amount have taken for the purpose of acquisition of capital asset, then it remains in the capital field even at the time of remission and such a capital receipt cannot be taxed wither u/s 28(iv) or u/s 41(1). Accordingly, the order of the ld. CIT(A) is reversed and the grounds raised by the assessee are allowed.
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