TMI BlogTaxability of amount of loan waived by the financial institution on account of one time settlement -...Taxability of amount of loan waived by the financial institution on account of one time settlement - income either u/s. 28(iv) or u/s. 41(1) - Taking support from the judgment of Hon'ble Apex Court, we are of the view that the sum amount in dispute representing waiver of loan liability was on the capital accounts, and not in the nature of income, more so when no deduction and allowance was made in respect of such loan in any assessment year. - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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