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2019 (8) TMI 297 - AT - Income TaxTaxability of wavier of loan(capital) u/s 28 (iv) - profits and gains of business or profession - HELD THAT:- In our considered opinion, the decision of the Hon’ble Supreme Court relied upon by the Ld. AO and upheld by the ld. CIT(A) in the case of T.V. Sundaram Iyenger 1996 (9) TMI 1 - SUPREME COURT] is misplaced and has been wrongly applied. In our considered view that applicability of section 28(iv) of the Act has been discussed by the Hon’ble Supreme Court in the case of Mahindra & Mahindra Mills Ltd. [1996 (9) TMI 1 - SUPREME COURT] had held Section 28(iv) would apply only when a benefit or perquisite is received in kind and has no application where benefit is received in cash or money. Considering the totality of facts in the light of ratio laid down by the Hon’ble Supreme Court in the case of Mahindra & Mahindra Mills Ltd. (supra), we direct the AO to delete the impugned disallowance from the hands of the all the appellants.
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