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2006 (8) TMI 274 - AT - Income TaxExtract: .......iew of learned Accountant Member that the waiver of the loan in the present case represented capital receipt, which did not constitute income of the assessee within the meaning of section 2(24) and accordingly the same was not chargeable to tax. The matter will now go to the Division Bench for passing the order in conformity with the majority view.
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