https://www.taxtmi.com/caselaws?id=78668 HC held that waiver of loan under an OTS sanctioned by BIFR constitutes a capital receipt and is not assessable as income; Section 41(1) does not apply. Because the waiver does not fall within the definition of income in Section 2(24) and receipts must be revenue in character to be taxed, the waived sums (principal and interest) cannot be treated as taxable income. The court ruled in favor of the assessee, agreeing that the relief was part of a rehabilitation scheme and not taxable under Sections 28 or 37(1). en-us Tue, 23 Nov 2010 00:00:00 +0530 Tue, 26 Aug 2025 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78668 HC held that waiver of loan under an OTS sanctioned by BIFR constitutes a capital receipt and is not assessable as income; Section 41(1) does not apply. Because the waiver does not fall within the definition of income in Section 2(24) and receipts must be revenue in character to be taxed, the waived sums (principal and interest) cannot be treated as taxable income. The court ruled in favor of the assessee, agreeing that the relief was part of a rehabilitation scheme and not taxable under Sections 28 or 37(1). Case-Laws Income Tax Tue, 23 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78668