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Income Tax - Highlights / Catch Notes

Home Highlights May 2018 Year 2018 This

Taxability of income as a perquisite - waiver of loan by ...

Income Tax

May 4, 2018

Taxability of income as a perquisite - waiver of loan by creditor - Section 28(iv) of the IT Act does not apply on the present case since the receipts are in the nature of cash or money AND Section 41(1) of the IT Act does not apply since waiver of loan does not amount to cessation of trading liability. - SC

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