https://www.taxtmi.com/caselaws?id=207123 HC upheld the Tribunal's finding that waiver of working capital loans, availed as cash credit limits and utilized for day-to-day business operations, constitutes taxable income in the year of waiver. The Court distinguished cases involving loans for acquisition of capital assets, holding that the present waiver pertained to the revenue field. Even assuming Section 28(iv) was inapplicable, HC held that Section 41(1) squarely applied, treating the waiver as remission or cessation of a trading liability. The substantial question of law was answered against the assessee, and the appeal was dismissed. en-us Tue, 30 Aug 2011 00:00:00 +0530 Tue, 02 Dec 2025 20:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207123 HC upheld the Tribunal's finding that waiver of working capital loans, availed as cash credit limits and utilized for day-to-day business operations, constitutes taxable income in the year of waiver. The Court distinguished cases involving loans for acquisition of capital assets, holding that the present waiver pertained to the revenue field. Even assuming Section 28(iv) was inapplicable, HC held that Section 41(1) squarely applied, treating the waiver as remission or cessation of a trading liability. The substantial question of law was answered against the assessee, and the appeal was dismissed. Case-Laws Income Tax Tue, 30 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207123