https://www.taxtmi.com/caselaws?id=119596 The ITAT ruled in favor of the assessee, determining that the remission of a foreign currency loan amounting to Rs. 92,45,618 should not be considered taxable income under section 28(iv) of the Income Tax Act. The tribunal found that the remission maintained its capital nature and did not constitute a benefit or perquisite arising from business activities. The ITAT concluded that the CIT(A)'s decision was incorrect in law and directed the AO not to treat the loan remission as taxable income, thereby allowing the assessee's appeal. en-us Wed, 28 Feb 2007 00:00:00 +0530 Thu, 01 Feb 2024 11:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119596 The ITAT ruled in favor of the assessee, determining that the remission of a foreign currency loan amounting to Rs. 92,45,618 should not be considered taxable income under section 28(iv) of the Income Tax Act. The tribunal found that the remission maintained its capital nature and did not constitute a benefit or perquisite arising from business activities. The ITAT concluded that the CIT(A)'s decision was incorrect in law and directed the AO not to treat the loan remission as taxable income, thereby allowing the assessee's appeal. Case-Laws Income Tax Wed, 28 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119596