https://www.taxtmi.com/caselaws?id=207913 The Tribunal ruled in favor of the assessee in its entirety. It held that the waiver of loans by the bank does not amount to taxable income under relevant sections of the Income-tax Act. Additionally, the Tribunal allowed the deduction of business expenses incurred during the temporary suspension of business operations, overturning the decision of the first appellate authority. en-us Tue, 14 Dec 2010 00:00:00 +0530 Thu, 29 Dec 2011 22:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207913 The Tribunal ruled in favor of the assessee in its entirety. It held that the waiver of loans by the bank does not amount to taxable income under relevant sections of the Income-tax Act. Additionally, the Tribunal allowed the deduction of business expenses incurred during the temporary suspension of business operations, overturning the decision of the first appellate authority. Case-Laws Income Tax Tue, 14 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207913