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Income on account of remission of principal amount of loan - depreciation is neither a loss nor an expenditure nor a trading liability, therefore, settlement of principal amount by the bank/financial institution cannot be assessed U/s 41(1) of the Act. - Tri

Income Tax - Income on account of remission of principal amount of loan - depreciation is neither a loss nor an expenditure nor a trading liability, therefore, settlement of principal amount by the bank/financial institution cannot be assessed U/s 41(1) of the Act. - Tri - TMI Updates - Highlights .....

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