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Assessee's case remanded to Assessing Officer to consider taxability of loan waiver under One Time Settlement Scheme with bank. If loan was for trading purpose, waiver would amount to cessation of liability, taxable u/s 41(1). Authorities below did not consider applicability of Section 41(1) despite assessee's submission. Facts relevant to loan waiver need to be brought on record to determine under which section benefit from One Time Settlement is taxable. Revenue's appeal allowed for statistical purpose.
Assessee's case remanded to Assessing Officer to consider taxability of loan waiver under One Time Settlement Scheme with bank. If loan was for trading purpose, waiver would amount to cessation of liability, taxable u/s 41(1). Authorities below did not consider applicability of Section 41(1) despite assessee's submission. Facts relevant to loan waiver need to be brought on record to determine under which section benefit from One Time Settlement is taxable. Revenue's appeal allowed for statistical purpose.
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