https://www.taxtmi.com/caselaws?id=216641 The court dismissed the appeal challenging the taxability of the benefit from the cessation of liability to repay a loan under Sections 41(1) and 28(iv) of the Income Tax Act. The court upheld the decision that the extinguishment of the loan for a capital asset like a car is not taxable under Section 41(1) and clarified that Section 28(iv) does not apply when a benefit is received in cash. The court relied on a previous ruling and dismissed the appeal as the issues were covered by existing case law. en-us Thu, 13 Sep 2012 00:00:00 +0530 Sat, 15 Sep 2012 14:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216641 The court dismissed the appeal challenging the taxability of the benefit from the cessation of liability to repay a loan under Sections 41(1) and 28(iv) of the Income Tax Act. The court upheld the decision that the extinguishment of the loan for a capital asset like a car is not taxable under Section 41(1) and clarified that Section 28(iv) does not apply when a benefit is received in cash. The court relied on a previous ruling and dismissed the appeal as the issues were covered by existing case law. Case-Laws Income Tax Thu, 13 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216641