https://www.taxtmi.com/caselaws?id=121445 The Tribunal ruled in favor of the assessee, a company involved in sea food exports, by excluding the waived bank loan amount of Rs. 10.36 crores from its taxable income for the assessment year 2005-06. It determined that the waiver of the principal loan amount does not constitute taxable income under Section 28(iv) or Section 41(1) of the Income-tax Act, 1961. The waiver was deemed a capital account transaction, not a revenue transaction, and thus not taxable. Consequently, the appeal filed by the assessee was allowed. en-us Tue, 05 May 2009 00:00:00 +0530 Thu, 19 Oct 2023 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121445 The Tribunal ruled in favor of the assessee, a company involved in sea food exports, by excluding the waived bank loan amount of Rs. 10.36 crores from its taxable income for the assessment year 2005-06. It determined that the waiver of the principal loan amount does not constitute taxable income under Section 28(iv) or Section 41(1) of the Income-tax Act, 1961. The waiver was deemed a capital account transaction, not a revenue transaction, and thus not taxable. Consequently, the appeal filed by the assessee was allowed. Case-Laws Income Tax Tue, 05 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121445