TMI Blog2012 (2) TMI 523X X X X Extracts X X X X X X X X Extracts X X X X ..... e loan availed of for acquiring a capital asset (shares) was waived and cannot be treated as assessable income for invoking the provisions of Section 28. The original receipt being of a capital nature, its waiver did not have the quality of changing its character into a revenue receipt. No substantial question of law would arise. The appeal is accordingly dismissed. - INCOME TAX APPEAL NO. 6988 O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... funds to the assessee in 1998 as share application money. This was later on transferred as an unsecured loan. The Tribunal has held that the loan availed of for acquiring a capital asset (shares) was waived and cannot be treated as assessable income for invoking the provisions of Section 28. The original receipt being of a capital nature, its waiver did not have the quality of changing its charact ..... X X X X Extracts X X X X X X X X Extracts X X X X
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