https://www.taxtmi.com/caselaws?id=65412 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 10,47,93,857 made by the AO, which was based on the waiver of the principal amount of a loan. The Tribunal agreed that the waiver did not qualify as income under sections 41(1), 28(iv), or 2(24) of the IT Act, as the assessee had not claimed any deduction for the principal amount. Consequently, the appeal by the Revenue was dismissed, affirming that the waiver of the loan's principal amount does not constitute taxable income. en-us Tue, 31 Jul 2007 00:00:00 +0530 Tue, 06 Feb 2024 14:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65412 The Tribunal upheld the CIT(A)'s decision to delete the addition of Rs. 10,47,93,857 made by the AO, which was based on the waiver of the principal amount of a loan. The Tribunal agreed that the waiver did not qualify as income under sections 41(1), 28(iv), or 2(24) of the IT Act, as the assessee had not claimed any deduction for the principal amount. Consequently, the appeal by the Revenue was dismissed, affirming that the waiver of the loan's principal amount does not constitute taxable income. Case-Laws Income Tax Tue, 31 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65412